Get the scoop on finance - sign up for mobile alerts
Bitcoin
| On
June 8, 2024

Analyst Says Blue-Chip Altcoin Mimicking Price Action That Preceded Massive Rally, Updates Outlook on Ethereum

By Daily Hodl Staff

A closely followed crypto analyst believes that a top-10 altcoin by market cap is about to soar to new all-time highs (ATH).

Pseudonymous trader Kaleo tells his 642,000 followers on the social media platform X that BNB (BNB), the utility token for the BNB Chain ecosystem, is mimicking a 2021 price pattern on the four-hour chart that led to new ATHs.

ADVERTISEMENT

“When BNB entered price discovery in the Spring of 2021 it initially had a very similar breakout and retest to the one we’re seeing now. Would look to add heavily on this dip, especially sub-$650 if you get the chance.”

Source: Kaleo/X

Crypto traders and analysts refer to price discovery as a situation where a coin trades at levels never seen before in its history.

BNB is trading for $679 at time of writing, down more than 4% in the last 24 hours.

Next up, the analyst predicts Ethereum (ETH) will break out of descending trendline against Bitcoin (ETH/BTC), and that could send layer-1 (L1) Ethereum Virtual Machine (EVM) projects soaring.

ADVERTISEMENT

“Really believe it’s only a matter of time before we see something like this for the Ethereum/Bitcoin ratio. When it happens, be on the lookout for high ETH beta plays including alt L1 EVMs.”

Source: Kaleo/X

Looking at his chart, the analyst suggests ETH/BTC will soar above 0.10 BTC ($6,926). ETH/BTC is trading for 0.053 BTC ($3,689) at time of writing.

The trader also says that based on historic precedence, Ethereum is in the earlier stages of the parabolic phase of the market cycle.

“How can you not be bullish here?”

Source: Kaleo/X

Ethereum is trading for $3,686 at time of writing, down 3% in the last 24 hours.

ADVERTISEMENT
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
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 losses 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.

Generated Image: DALLE3