It was tormenting for BTC holders when the Bitcoin price cratered on Apr 18. The situation worsened in subsequent days when BTC/USD crashed below $50k, dipping to as low as $46k.
Several fundamentals and trade-related factors were pinned to this flash crash. However, the good news is that prices have since recovered—as always.
The BTC/USD price has started the new month on a firm footing. Historically, Bitcoin often outperforms in Q2s.
Therefore, traders are hopeful that 2021 would follow the same trend and build on the spectacular gains of the last few weeks.
If anything, Bitcoin analysts worldwide cite the network’s in-built scarcity designs to say BTC/USD would reach $100k by the end of the year.
However, what’s puzzling is the increasing talk of ETH and how it would “flippen” the king in the long term. JP Morgan, in a recent report, shared widely in the inter-webs that alluded to this possibility.
The question is: Will Ethereum flip Bitcoin?
The ETH-BTC Flippening Talks
It is the current discussion in Trading View. An analyst RyanTanaka posted one that became an “Editor’s Pick.”
Ethereum and Bitcoin are kings in their quarters.
Bitcoin is the leader in currency, while Ethereum leads in smart contracting. Both deeply liquid, with Bitcoin miles ahead, boasting over $1 trillion in market capitalization.
A majority of traders in Trading View agree that while ETH would gain, it won’t cycle to 2017 highs where ETH would be valued at 0.12 BTC—at least not for now.
One trader said the best ETH might reach this year is at least 0.04 BTC considering the rate at which Ethereum is being built and garnering attention across the board.
What “Flippening” basically means is ETH rising and BTC collapsing.
Forget the Flipping, BTC/USD is on the Path to $70k
Not for TradingShot, who on the same platform, said Bitcoin has cleared all bearish barriers and is ready for $70k.
TradingShot is a master of patterns and moving averages. His previous analysis and projection of BTC/USD recovering was spot on since prices bounced back strongly from below $50k.
At the time of publishing, BTC prices were at around his applicable moving averages—50, 100, and 200—in the 4HR chart.
If his prognosis is correct and the third wave leads to a strong push up above Mar 2021, where phase-3 of the leg up leads to a BTC/USD rally, BTC could print a new all-time high of around $70k in the next few days.
An excellent, bullish project, but: What if BTC/USD found resistance below $60k?
Why the $60-$62k zone May Mean $40k or $100k for Bitcoin
In that case, a trader HamadaMark who—positively encourages all his followers to HODL BTC and wait for perfect buying entries—says the BTC/USD may correct below $50k or $40k.
His concern at the moment is that BTC/USD prices are stuck, hovering around the tip of the right shoulder of a visible H&S in the daily chart.
What’s more, there are potential series of higher lows suggesting weak bulls.
Therefore, if bears dominate in this arrangement, BTC/USD may—discouragingly drop to $50k in a bear trend continuation of mid-Apr 2021.
Now, looking at the positives, in HamadaMark‘s view, the BTC/USD price can soar to as high as $82k and $100k, only subject to buyers breaking above $68k – and above Apr 2021 highs.
Once this happens, the resultant surge would sufficiently diminish all bearish prospects as the BTC price inches closer to a new all-time high.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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