While Bitcoin is experiencing price stability, Ethereum and other cryptocurrencies are preparing for what may be the largest rise in history. Ran and Birb debate the potential for Bitcoin and Ethereum to reach new heights.
Alt season, according to Ran, is when cryptocurrencies run significantly faster than Bitcoin, and the new alt season is currently beginning. The recent rise in the price of Ethereum on the ETH/BTC pair demonstrates that traders have shifted their focus away from Bitcoin and toward altcoins.
The monthly close of $47,000 for Bitcoin in August was exactly what author Plan B’s Stock-to-Flow model projected back in June. Bitcoin is anticipated to close at $43,000 if the stock-to-flow model is right again, as it was for the month of August.
According to Ran, Bitcoin might reach $43,000 because the market is generally weak or because the market’s momentum is moving and money is being put in altcoins.
With Bitcoin’s dominance slipping further, the attention has shifted to Ethereum, which is both exciting and good news for altcoins.
On a podcast, Raoul Pal forecasted that Ethereum would reach $20,000 per coin during the current bull cycle. He calculated the price target by comparing the Ethereum and Bitcoin 2017 charts, which are exactly aligned. Ran stated he couldn’t trust the prognosis at first, but after comparing the charts and seeing it turn out as predicted, he agreed.
According to Ran, Ethereum’s $20,000 price target is not far-fetched, as it would only require a 5-fold increase from its present price to reach.
After making a tweet projecting Ethereum will peak around the $15,000-$20,000 area, Crypto Birb was invited on the show to express his thoughts and conclusion.
Bitcoin momentum is falling, according to Birb, after the market pumped from the bottom, whilst Ethereum is exhibiting more strength. On the ETH/BTC chart, Ethereum is also breaking out of a symmetrical triangle.
Furthermore, the current high on the ETH/BTC chart is only halfway through the all-time highs in 2017, indicating that there is still possibility for further upside movement.
Due to momentum loss, Birbs expects a local price pullback for Bitcoin, but believes it will reach $90,000 – $120,000 by the end of the year.
This means that if Bitcoin rises 2-3 times from its present price to $90,000 – $120,000, Ethereum will do the same, following the market and running even faster to absorb the volatility.
This episode premiered on September 1st, 2021.