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The former head of crypto analysts at ARK Invest, Chris Burniske, shared his outlook on Ethereum's (ETH) price action against Bitcoin (BTC). According to the expert, after two years of consolidation, the market's main altcoin is ready to make a breakout against the market's main cryptocurrency.
After almost 2 years of consolidation, $ETHBTC is primed for a monthly breakout. pic.twitter.com/btUzBP9Ew5
— Chris Burniske (@cburniske) February 27, 2023
The last time Ethereum had such a price spike was in May 2021. Then, in just over a month, ETH gained more than 150% against BTC, after having been in consolidation for 931 days beforehand.
If the outbreak Burniske is talking about really does happen, it can be assumed that it will be smaller than last time, considering that the current consolidation lasts a third of the days of the previous one and, therefore, the amount of accumulated "energy" is also lower.
Ethereum v. Bitcoin
Equally interesting is whether Ethereum will renew its all-time high against Bitcoin in the event of a potential influx of liquidity into it. Currently, that mark is set at 0.1564 BTC per ETH, which is 123% higher than the current altcoin's price.
Finally, a potential price break will answer the question of how close the "flippening" is. There has been talk of Ethereum displacing Bitcoin from the throne of the largest cryptocurrency since the very emergence of the market, but at the moment ETH is still only 43% of BTC in terms of capitalization.
BTC
Vladislav Sopov
Dan Burgin