Crypto analyst Michaël Van De Poppe recently made an optimistic prediction about the price of Ethereum against Bitcoin in the near future and mentioned the path on which this will happen. According to the analyst’s social media post, price action for the ETH/BTC pair in the coming months will be centered around the spot Bitcoin ETF, which will also be replaced by ETH in the forecast.
Analyst predicts Ethereum price will rise 100% compared to Bitcoin
Michaël Van De Poppe recently shared a chart of Ethereum’s price performance against Bitcoin (ETH/BTC pair) on a weekly basis via X. The price action on the chart forms green (bullish) candles during periods of Ethereum’s performance against Bitcoin, and red (bearish) candles during periods of Ethereum’s underperformance against Bitcoin.
Looking at the chart shared by Van De Poppe, we can see that Ethereum’s performance against the ETH/BTC pair has been trending downward since mid-2022. This decline especially increased in the last quarter of 2023. Passion for Spot Bitcoin ETFs This led to a surge in Bitcoin prices. As a result, the analyst noted that Ethereum’s price performance against Bitcoin is currently near its 2022 low of 0.04922.
According to Van De Poppe, the long-awaited approval of a spot Bitcoin ETF could result in another liquidation candle for ETH/BTC, eventually freeing up liquidity near the 2022 lows. This will eventually lead to a rotation into Ethereum and a bullish weekly quarter.
As a result, the ETH/BTC pair was propelled by the rotation to the target just above 0.12, implying an increase of over 100%. Notably, in the ETH/BTC pair, the last time ETH reached this level was during the cryptocurrency’s first major bull market in 2018.
#Ethereum It is likely that we will approach the 2022 low and secure liquidity there.
When ETF approval is received #Bitcoin When that happens, there will be a liquidation candle in ETH/BTC that will then cycle into Ethereum and lead to a strong weekly gain. pic.twitter.com/kGq91S7kq9
— Michael van de Poppe (@CryptoMichNL) January 9, 2024
ETH bulls regain control of price | Source: ETHUSD on Tradingview.com
The rotation game has begun
Bitcoin ETF Spot approved The price of Bitcoin surged to $48,600, the highest since April 2022, following an SEC filing on Wednesday. Bitcoin price has stagnated When news of the spot Bitcoin ETF approval came out, the price is currently trading at $45,839.
At the same time, Ethereum rose above $2,500, reaching $2,600, its highest since April 2022. These gains were maintained to surpass bitcoin At the time of this writing, it is trading at $2,618.
According to another post on social media by Michaël Van De Poppe, the price action following the approval of the spot Bitcoin ETF suggests that a rotation is already taking place in the ETH/BTC pair.
“The rotation game is already in play,” he said, adding a $3,500 price target for ETH.
Rotation games are already underway.
Large Weekly Strength Differences $ETH / $BTC This pair suggests that we are likely to see a strong uptrend for Ethereum and altcoins.
We are approaching January 2016. Good times are ahead. Ethereum to $3,500. pic.twitter.com/H72vZDFNFR
— Michael van de Poppe (@CryptoMichNL) January 11, 2024
Investors are now Spot Ethereum ETF approval expectedThis may also push the price of ETH higher.
Featured image from AMBCrypto, chart from Tradingview.com
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