A popular crypto analyst, Jason Pizzino, predicts a significant price increase for Ethereum and other altcoins. He’s basing this prediction on Ethereum’s current price pattern, which he says mirrors a similar pattern seen in December 2020.
A Look at the ETH/BTC Chart
Pizzino, who boasts a large YouTube following, points to the Ethereum/Bitcoin (ETH/BTC) trading pair as a key indicator. He’s looking for a specific price level to confirm his prediction. He explains that while there’s been a slight bounce, a decisive break above 0.046 BTC is needed to signal a major altcoin rally. Until then, he anticipates further consolidation, meaning more sideways movement before any significant price surge. He emphasizes that the market needs to show signs of extreme investor enthusiasm before a major rally takes place.
The 2020 Precedent
Pizzino highlights the similarity between the current ETH/BTC chart and the one from December 2020. He notes that the 2020 pattern was followed by a massive price increase in January 2021. He points to a significant increase in trading volume in late December 2020, followed by a strong price jump in early January 2021. This pattern, he argues, shows the kind of sustained buying pressure needed to drive a significant price increase. Currently, he believes, that kind of buying pressure is still missing.
Current Market Conditions
At the time of writing, ETH/BTC is trading at 0.0342 BTC, or roughly $3,264.68. While Pizzino sees potential for significant growth, he cautions that the necessary market conditions haven’t yet been met.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies is inherently risky, and you could lose money. Always conduct your own thorough research before making any investment decisions.
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