Crypto analyst Nicholas Merten says that Ethereum (ETH) may possibly overtake Bitcoin (BTC) as the leading crypto asset this year.
“I know a lot of people think that’s far out, but Ethereum, from a previous upper band range, only needs to make I think around 80% to 100% move in order to do that.
I’m not saying it’s going to remain there for a long period of time. That’s not the name of the game here. We’re investing and trading here. In this case, we’re trying to see if we can get that price point up there and make those returns against Bitcoin.
It’s a pretty nice bet. If you can already invest in Bitcoin, that’s wonderful. [If] you can invest in something that might potentially double against Bitcoin, that would be really, really great.”
Merten says that the ETH/BTC chart suggests that the bulls are still in control of the trend in the market, and after some consolidation, the analyst says the pair could surge from 0.06618 BTC ($2,547) at time of writing toward 0.16 BTC ($6,181) later this year.
“We really do think we could see a wave here going forward… I think that we could see something here in the spring but I want to keep it conservative…
We have to give patience to it, but again, if you’re somebody more passive, you are dollar-cost averaging, it might be good to look at Ethereum versus Bitcoin. The supply and demand economics here look like they might be more favorable both on a demand perspective in the sense of more growth potential and on top of that, a lot of waning supply factors that could put ETH in a deflationary state in the near-term future which is really, really exciting stuff.”
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