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Bitcoin (BTC) Price May Revisit $8,300 Before Huge Rally: Analyst

News
Sat, 06/20/2020 - 14:36
Vladislav Sopov
Bitcoin (BTC) resisted the aggression of the bears this week but failed to take root above $9,500. So, traders are guessing about the next possible moves.
Bitcoin (BTC) Price May Revisit $8,300 Before Huge Rally: Analyst
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Contents

Crypto strategist Parabolic Thies, Creator of the indicator Market God, analyzed the Bitcoin's dominance chart and foresees a bright future for the Bitcoin (BTC) bulls mid-term.

Money Flows Out of Altcoins

An anonymous analyst who goes by the name Parabolic Thies (@KingThies) is sure that Bitcoin's dominance is ready for a rally. It may continue to grow above its actual level high of 66%.

Bitcoin (BTC) dominance indicates the upcoming rally
Image via Twitter

This fact indicates that the altcoins are running out of money. This process is sustainable regardless of Bitcoin's price swings, the analyst highlights.

With that being said, the Bitcoin (BTC) bears shouldn't get too excited about a short-term pale performance for the king coin. However, a short journey between the $8,000-$9,000 zone may be on the menu for a flagship cryptocurrency. There are also two levels of significant importance here for Bitcoin (BTC) buyers.

The traders may comfortably buy Bitcoin (BTC) at $8,900 and then at $8,300. That's here the steam of bears must be lost.

Bitcoin (BTC) Still Looks Great

After the correction, the price of Bitcoin (BTC) has all the chances to break above the psychological level it has attempted to conquer five times since the infamous Black Thursday - the $10,000 mark. 

In the five-digit club, the first level of a support/resistance reversal is around $10,300, according to the analyst.

Other prominent cryptocurrencies experts share this general view. Yesterday, cryptonomics researcher Chris Burniske recommends not forgetting about Bitcoin (BTC) despite its performance looking weak amidst the only DeFi assets rally.

Burniske outlined that this discrepancy would only purge Bitcoin's narrative of its useless obsession. The researcher also warned that this distortion shouldn't "cloud rationality" for Bitcoin (BTC) traders.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director

News
Mon, 07/13/2020 - 14:38
Vladislav Sopov
John Lilic, managing director at ConsenSys decentralized development studio, has shared an over-bullish prediction for Ethereum (ETH) progress
Ethereum (ETH) Market Cap May Become Equal to Bitcoin's (BTC): ConsenSys Director
Cover image via stock.adobe.com
Contents

John Lilic leads international business development in the ConsenSys leading blockchain development studio. He is also an expert in energy markets and cryptocurrency segments. He tracked the progress of Bitcoin's (BTC) and Ethereum's (ETH) market capitalization statistics, coming up with an extravagant prediction.

Bitcoin (BTC) should get ready for parity

Mr. Lilic outlined that Ethereum (ETH) is showcasing much healthier dynamics than its competitor is. For instance, the flagship cryptocurrency still surpasses Ethereum (ETH) by 6.3x in terms of market capitalization, while simultaneously collecting 20% fewer fees than Ethereum (ETH).

John Lilic of ConSensys foresees parity of Bitcoin (BTC) and Ethereum (ETH) market capitalizations
Image via Twitter

Also, Ethereum (ETH) is demonstrating much more impressive price dynamics this year. It gained almost 37% against Bitcoin (BTC) in 2020. That said, Ethereum (ETH) looks severely undervalued to the top manager of ConsenSys.

However, Ether is on the path to eliminating this discrepancy. Eventually, the top two cryptocurrencies may reach market capitalization parity, concludes Mr. Lilic.

Related Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains
Related
Bitcoin (BTC) and Ethereum Have (ETH) Recovered From Black Thursday, Who Else? Coinmetrics Explains

As covered by U.Today Crypto News recently, Coinmetrics on-chain research team called Bitcoin (BTC) and Ethereum (ETH) the unique crypto behemoths that have managed to recover from Black Thursday.

Bitcoin (BTC) is losing supremacy in "fee race"

Should Ethereum (ETH) overcome its undervaluation, its price may be over $1,550 based on liquid supply and current Bitcoin (BTC) market capitalization.

Recently, it was unveiled that Ethereum (ETH) blockchain continues to surpass Bitcoin (BTC) in terms of network fees for more than 30 days in a row. Ethereum (ETH) is seeing this advantage for the first time in its history.

As U.Today Crypto News reported previously, ex-Messari analyst and angel investor Qiao Wang identifies two main catalysts of Ethereum's (ETH) price run in the mid-term perspective.

Related Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang
Related
Ethereum (ETH) Price Two Bullish Signals, According to Investor Qiao Wang

According to Wang, the upcoming rally may be fueled by a long-awaited transition to Proof of Stake and fixing the monetary policy of Ether token.

About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)