Analysts are unanimous in their view that Ethereum has a higher upside potential while detecting positive signals for Bitcoin. Market dynamics are expected to be shaped by long-term investors.
In his assessment of the two largest crypto assets by market cap, Bitcoin and Ethereum, well-known analyst CredibleCrypto stated that he sees positive indicators for Bitcoin to rise to $101,882.2. CredibleCrypto stated that the market is progressing healthily in the sideways consolidation process that Bitcoin has been going on for the last month and a half. Positive signs include a 20% decrease in open interest, absorption of $10 billion in spot sales, a stable financing rate, and the spot premium exceeding the perpetual contract premium.
The decline in open interest indicates that leveraged positions are decreasing and therefore the risk of liquidation is low. The fact that the financing rate remains stable suggests that there is no dominance in the market, i.e., there is no clear trend between buyers or sellers. In addition, the fact that the spot premium replaces the contract premium indicates that demand for Bitcoin is driven by longer-term investors rather than speculators.
Potential of Ethereum
CredibleCrypto noted that Bitcoin’s upside potential is limited compared to other crypto assets, especially Ethereum. According to the analyst, Bitcoin could rise between 2 and 2.5 times from its current level this cycle. Many altcoins that have not shown an uptrend could outperform Bitcoin if set up correctly. Ethereum still stands out as the ‘safest’ option among altcoins.
The analyst predicts that if Bitcoin surpasses $150,000, Ethereum could rally to at least $10,000 from its current level. As of now, Ethereum is trading at $3,253, while Bitcoin is at $102,508.
CredibleCrypto’s analysis provides investors with important clues about the current state of the market and its future trends. Bitcoin’s strong signals can change the dynamics of the market by increasing interest in altcoins like Ethereum. In addition, long-term investors’ continued support for the value of crypto assets can help the market grow sustainably.
As a result, developments in Bitcoin and Ethereum provide an important guide for investors when making strategic decisions. Analyst opinions can help understand trends in the crypto world and help investors take more informed steps.