A widely followed crypto analyst explains when he believes Ethereum (ETH) and altcoins could surpass Bitcoin (BTC).
In a new video update, crypto strategist Jason Pizzino tells its 321,000 YouTube subscribers that the altcoin market is primed for a massive rally – with the ETH/BTC pair as a proxy.
“It still looks like the market is building for those mega 37x potential returns for altcoins. [ETH/BTC] is a bit of a proxy for the altcoin pump.”
According to Pizzino, if history repeats itself and ETH/BTC behaves similarly to the last time Bitcoin reached its 2021 cycle peak, traders can expect a breakout of the pair sometime in the coming months. Pizzino’s chart indicates this could be in May or June.
“The point here is: [we had a] new Bitcoin all-time high month, the next month was down and from there ETH went on quite a significant run.
So if things are similar to last time, maybe this is the move down as Bitcoin aims for new all-time highs, it takes the show, then you see another red month here as Bitcoin continues, and then a reversal here for ETH. ”
ETH/BTC is trading at 0.05145 BTC ($3,616) at the time of writing.
Pizzino further says that smart contract platform Solana (SOL) will likely go through a similar process.
“The same goes for Solana…
When I look back on the previous cycle, [Solana was a much] weaker crypto at that time, [it is] a lot stronger now than then, but you can also see that with Bitcoin’s new all-time price around November (2021) it still went lower even at [the] USD at the time, but that was the time to skyrocket, so we are now in a similar period where Bitcoin has reached its new all-time high.”
Solana is trading at $196 at the time of writing, down 1.5% over the past 24 hours.
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