A widely-followed crypto trader and influencer says he expects Bitcoin to continue rallying and shatter its all-time high in the coming months.
The pseudonymous trader tells his 231,000 Twitter followers that Bitcoin is “the most bullish asset our time” as he believes BTC will blaze through its all-time high of $20,000.
The most bullish asset of our time pic.twitter.com/xTZlosoPg5
— The Crypto Dog? (@TheCryptoDog) October 26, 2020
According to a chart shared by block explorer service Blockchain.com, Bitcoin has meteorically risen from $0.06 in September 2010 to its current price of around $13,000, representing an increase of over 26,600,000% in a span of 10 years. Meanwhile, gold and the S&P 500 have climbed 103% and 233%, respectively, over the same stretch.
While Bitcoin continues to show signs of strength, Ethereum (ETH) is struggling to maintain its bullish steam as the leading smart contract platform moves below $400. Despite the pullback, the top traders in the industry remain long-term bullish on Ethereum.
Crypto strategist Scott Melker tells his crew of 129,000 that he’s ready to buy more ETH even if it drops all the way down to support of $360.
“ETH (USD)
Approaching my bids. I am interested in the black line as a potential resistance to support flip, and slightly below at the EQ of the trading range, another resistance to support flip. $389-395, give or take. If it drops lower I will buy more, down to $360 or so.”
Crypto trader Rekt Capital believes Ethereum is in the phase of consolidating gains and it’s only a matter of time before the second-largest cryptocurrency resumes its uptrend.
“ETH continues to follow BTC. While BTC has broken out to new highs, ETH has broken back into its previous money flow channel. ETHUSD will be range-bound between $391-$434 for now. I expect ETH to resume its catchup to BTC once BTC cools down.”
While other traders are long-term bullish on Ethereum, closely-followed trader DonAlt is cautious on ETH as he says the cryptocurrency is struggling to move above monthly resistance of $400.
“In stark contrast to BTC, ETH has failed it’s monthly level and is now finding resistance there. If ETH fails to reclaim that resistance this month I think $270 (the next support) is more likely than further upside.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/GrandeDuc
