A widely followed crypto strategist says Bitcoin (BTC) may repeat a historic pattern that could send altcoins soaring.
Analyst Justin Bennett tells his 111,500 followers on the social media platform X that Ethereum (ETH) and other alts could outperform Bitcoin similar to 2021 when people suddenly sold their coins over a two-month period.
“If Bitcoin does anything close to this, altcoins could set up for one hell of a run in March-April. ETH rallied 182% in just 48 days during the April-May 2021 BTC top. The time to load up is coming, but we aren’t there yet, in my opinion.”
Looking at his weekly chart, the trader suggests ETH/BTC may repeat a massive rally and soar to 0.15636 BTC, a value of $8,062 at time of writing.
ETH/BTC is trading for 0.05773 BTC ($2,980) at time of writing, up more than 1% in the last 24 hours.
The trader says that if ETH/BTC only returns to its 2021-22 high of 0.08597 BTC, ETH would return to around its all-time high of $4,878, as long as Bitcoin remains in the $50,000 range.
“The crazy thing is that even if ETH/BTC only reaches back to its 2021/2022 high, it would put ETH at its ATH, as long as BTC can maintain these $50,000 levels. A lot of speculation still, but that’s what makes a market.”
Bennett also thinks that there remains a possibility that Bitcoin could decline to the $30,000 range based on the liquidation heat map, which is used in technical analysis to predict the price levels at which large-scale liquidation events may occur and to identify key support levels.
“Why might BTC target $30,000-$35,000? This (chart map below):”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3