- A potential breakout would send ETH into a bullish rally, sidelining Bitcoin.
- Raoul Pal believes that Ethereum could have a bigger market presence than Bitcoin.
- For the breakout to happen, ETH must break the $2,115 mark.
According to Real Vision CEO Raoul Pal, technical and fundamental data for Ethereum, the second-largest cryptocurrency, indicates that it could significantly outperform Bitcoin in the next cycle.
Pal claims to be keeping an eye on the Ethereum vs. Bitcoin chart in a recent interview on the cryptocurrency-focused YouTube channel Altcoin Daily.
The macroeconomics expert claims that the ETH/BTC pair is rolling into a wedge and that a breakout could send ETH rallying while pushing Bitcoin aside.
“There is the chart of Ethereum against Bitcoin. It’s a tremendous wedge. If that works, then we should see ETH doing 1x, 2x, 3x, 4x [or] 5x Bitcoin in the next run. And ETH probably won’t be the best performing crypto either.”
Pal highlights that to verify the breakout, the ETH/BTC pair needs to overcome the resistance of approximately 0.077 BTC ($2,115).
As for the fundamentals of Ethereum, the CEO of Real Vision believes that the total market that the leading smart contract platform can target is much larger than that of Bitcoin.
“Ethereum is a more broad-based architectural protocol on which we can build more things. Bitcoin doesn’t do that. It has a different use case. So it’s unlikely to be that big.” Is the Internet worth more than gold? Yes, it’s that simple, and that’s basically the argument here.”
Pal comment.
