The analyst, who accurately predicted the collapse of the crypto market in May 2021, shared his new predictions. According to the analyst, leading altcoin Ethereum is poised to outperform Bitcoin. However, the analyst states that Bitcoin will be superior in creating wealth compared to traditional products.
“The leading altcoin will outperform Bitcoin!”
Known for making a series of accurate predictions, the analyst nicknamed Dave the Wave shared his latest predictions with his 140,000 followers on social media platform X. The popular analyst evaluated the long-term trend of the leading altcoin Ethereum (ETH). The analyst says the leading altcoin is poised to outperform Bitcoin (BTC) as this trend continues. Dave the Wave notes that Ethereum is printing lower highs and lows against Bitcoin (ETH/BTC). However, he notes that when he zooms out a little, a different image appears. In this context, the analyst makes the following statement:
ETH/BTC: Beware of shorter-term, hindsight bias. This is a series of lower highs until it isn’t. A longer time frame prevails over a shorter one…. and helps predict future price movement, which is the purpose of speculation, as opposed to simply describing recent price movement… Those who are caught in hindsight bias…. not real speculators…. They tend to be armchair critics… Actually…. Those people…. They may have the discontent of a burned-out naive at the top.
Dave the Wave zooms in on a multi-year horizon. Thus, it likely indicates that ETH/BTC is actually nearing the end of a major wedge formation. He also notes that this points to an upward breakout in the altcoin price relative to BTC early next year.
“Bitcoin is the primary tool for creating wealth!
When it comes to Bitcoin, the analyst uses his own version of logarithmic growth curves (LGCs), which attempt to plot the highs and lows of BTC’s long-term market cycle while filtering out volatility and noise. Although the leading altcoin outperforms BTC, there is one area where Bitcoin also excels. Based on LGC, the analyst says Bitcoin is on track to outperform traditional assets like stock indices for at least another decade. In this regard, the analyst makes the following statement:
The LGC chart suggests another decade before BTC is fully capitalized and keeps pace with inflation, bringing it on par with more traditional investments. Until then, Bitcoin is the primary tool for creating wealth.
Meanwhile, at press time, Bitcoin is changing hands at $27,096, up 0.3% on a daily basis. The leading altcoin Ethereum is trading at $1,675, losing 0.15% in the same time period. With this, cryptokoin.comAs you follow from , ETH made a breakout yesterday with the Ethereum futures ETF news. Therefore, the current decline seems to be partly due to correction. As a matter of fact, while ETH saw a 5.5% increase on a weekly basis, BTC increased by 2%.
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