According to analyst Jason Pizzino, Ethereum and altcoins could now start to overtake Bitcoin
A widely followed crypto analyst details when he believes Ethereum (ETH) and altcoins could outperform Bitcoin (BTC).
In a new video update, crypto strategist Jason Pizzino tells his 321,000 YouTube subscribers that the altcoin market is preparing for a massive rally – with the ETH/BTC pair as a proxy.
“It still seems like the market is building up for the mega 37x potential returns for altcoins. [ETH/BTC] is something of a proxy for the altcoin pump.”
According to Pizzino, if history repeats itself and ETH/BTC behaves the same as it did at the last Bitcoin cycle high in 2021, traders can expect a breakout from the pair at some point in the coming months. Pizzino's chart suggests that it will occur in May or 2021 could be June.
“The point here is: [we had a] While the new Bitcoin month reached an all-time high, the following month was bearish and from then on ETH saw a pretty significant rally.
So if things are similar to last time, maybe that's because of the bearish move because Bitcoin is making new all-time highs, it's running the show, then you're seeing another red month here as Bitcoin continues, and then a reversal for ETH here. “
Source: Jason Pizzino/YouTube
ETH/BTC is trading for 0.05145 BTC ($3,616) at the time of writing.
Pizzino goes on to say that smart contract platform Solana (SOL) will likely undergo a similar process.
“The same goes for Solana…
Just looking back at the previous cycle, [Solana was a much] weaker cryptocurrency at that time, [it is] It's much stronger now than it was then, but you can also see that Bitcoin's new all-time high price was still lower around November (2021), even against that [the] The US dollar back then, but back then it was time to skyrocket, so now we are in a similar phase where Bitcoin has reached its new all-time high.”
Solana is trading at $196 at the time of writing, down 1.5% in the last 24 hours.
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