Analyst Predicts Altcoin Rally as Bitcoin Follows Historic Pattern
A crypto strategist, Justin Bennett, believes that altcoins like Ethereum (ETH) could outperform Bitcoin in a similar manner to 2021. He suggests that if Bitcoin follows a historic pattern, altcoins may experience a significant surge in March-April. In April-May 2021, ETH rallied by 182% in just 48 days during the BTC top. However, Bennett emphasizes that the time to load up on altcoins is not yet here.
ETH/BTC Could Soar to $8,062
According to Bennett’s analysis of the weekly chart, ETH/BTC might repeat a massive rally and reach 0.15636 BTC, equivalent to $8,062 at the time of writing. Currently, ETH/BTC is trading at 0.05773 BTC ($2,980), showing an increase of over 1% in the last 24 hours.
Possible Return to All-Time High
Bennett suggests that even if ETH/BTC only reaches its 2021-22 high of 0.08597 BTC, ETH could return to around its all-time high of $4,878, as long as Bitcoin remains in the $50,000 range.
Potential Decline for Bitcoin
Bennett also notes that there is a possibility of Bitcoin dropping to the $30,000 range based on the liquidation heat map used in technical analysis.
Hot Take: Altcoin Rally Imminent?
According to analyst Justin Bennett’s predictions based on historical patterns and technical analysis, altcoins like Ethereum may soon experience a significant surge while Bitcoin potentially faces a decline. With ETH/BTC expected to repeat a massive rally, altcoins could see substantial gains in the coming months. However, Bennett cautions that it’s not yet the right time to load up on altcoins. Keep a close eye on the market and stay informed to make the most of potential opportunities.
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