Despite the struggle of bitcoin (BTC) to regain its old glory in price, now an analyst has predicted BTC will outperform Ether and stay more resilient than ETH.
Katie Stockton, the managing partner of Fairlead Strategies, wrote to his clients, “We expect bitcoin to outperform in the coming months.”
He said this after considering the bitcoin-ether ratio’s recent move above the 50-day simple moving average (SMA) and affirmed BTC looks like outperforming ETH in the months ahead.
The bitcoin-ether ratio crossed above the 50-day SMA on Sunday. The 50-day SMA is a commonly tracked technical line as a very reliable breakout point. Three of the previous four moves in the ratio had brought gains.
Stockton’s forecast contrasts with many experts who believe ETH will outperform bitcoin considering the former’s appeal as a deflationary cryptocurrency.
Kraken founder says BTC halving to trigger bull market
Meanwhile, Jesse Powell, co-founder and former CEO of cryptocurrency exchange Kraken, has predicted the upcoming Bitcoin halving will trigger the next bull market.
Noting that FTX may not be the last bad thing to happen in the crypto space, Powell said it will not burn his optimism about the long-term prospects of the industry.
Powell urged all to watch out and prepare for bitcoin halving in the first half of 2024 as the next bullish catalyst for the crypto market. Historically, Bitcoin halvings triggered bull markets as in 2021, after the last halving in May 2020 that zoomed BTC to an all-time high above $68,000.
Similarly 2016 halving pushed bitcoin to a new high in 2017. Next bitcoin halving is expected to happen when the block numbered 840,000 is mined, but no one knows when this block will be mined.
