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Jan Happel and Yann Allemann, co-founders of the crypto data platform Glassnode, have expressed their views that Ethereum, the largest altcoin, is about to break out of its months-long downward trend against Bitcoin (ETH/BTC). According to Glassnode’s co-founders, it is highly likely that the pair will experience an upward explosion after a short-term decline, indicating that ETH may outperform BTC in the medium term:
ETH is like a ticking time bomb. Short-term weakness is a golden opportunity in the medium term. It’s time to switch from BTC to altcoins. BTC may shine temporarily, but Ethereum is preparing for a spectacular bull run. Stay away from high-risk altcoins and focus on building a strong core portfolio for the upcoming bull market.
Looking at the chart for the ETH/BTC pair shared by analysts, it can be seen that they expect the pair to test the support around 0.06 BTC ($1,742) before rising towards 0.07 BTC ($2,032). At the time of writing, the ETH/BTC pair is trading at 0.0629 BTC ($1,826).
DXY Warning for Bitcoin and Altcoins
On the other hand, Glassnode’s co-founders have warned investors that Bitcoin may experience further pullbacks due to the strength of the U.S. Dollar Index (DXY). According to Happel and Allemann, Bitcoin and altcoins may rise again as DXY declines, but for this to happen, the largest cryptocurrency needs to reclaim liquidity at $28,000:
The market is showing great interest in BTC below $29,000. To rise to higher levels without a triggering catalyst, liquidity in the middle range of the $28,000 range needs to be absorbed. Buy the dips and wait for DXY to pull back before moving into altcoins.
