Benzinga - by Bibhu Pattnaik, Benzinga Staff Writer.
In the ever-evolving crypto landscape, Ethereum (CRYPTO: ETH) might soon overshadow Bitcoin (CRYPTO: BTC) in terms of long-term performance, suggests pseudonymous crypto analyst and trader Dave the Wave.
What Happened: Dave the Wave recently shared his insights and pointed out that, while one Ethereum-versus-Bitcoin chart currently indicates a series of lower highs and lows, a broader perspective offers a different narrative.
In a post on X on Friday, he said, “The longer timeframe trumps the shorter, and helps to predict future price action, which is what speculation is all about, as opposed to simply describing recent past price action.”
ETH/ BTCBy analyzing a multi-year timeframe, Dave the Wave suggested that the Ethereum-Bitcoin pair might be nearing the end of a significant wedge pattern. This could hint at a potential upward breakout early next year.Careful of [shorter-term] hindsight bias - it's a series of lower highs until it's not.
The longer time-frame trumps the shorter.... and helps to predict future price action, which is what speculation is all about, as opposed to simply describing recent past price… pic.twitter.com/kMrqN3istb
— dave the wave (@davthewave) September 29, 2023
Also Read: Crypto Expert Warns Of $440 Billion Wipeout, Shares Concerning Prediction About Bitcoin
Shifting his focus to Bitcoin, Dave employed a unique set of logarithmic growth curves (LGCs) to map Bitcoin's long-term market trajectory.
Based on this, he said he foresees Bitcoin continuing to outpace traditional assets, like stock indices, for approximately another decade.
He stated, “Another decade suggested by the LGC chart before BTC is fully capitalized and on a par with more traditional investments… Until then, the primary vehicle for wealth creation.”
Another decade suggested by the LGC chart before #BTC is full capitalized and on a par with more tradtional investments... keeping pace with inflation.Now Read: Here's Why One Analyst Says The Worst For Bitcoin May Not Be OverUntil then, the primary vehicle for wealth creation. pic.twitter.com/6mguo8MZCx
— dave the wave(@davthewave) September 29, 2023
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