Bitcoin Price Expected to Plunge Further Until This Happens, Why Ethereum Could Eventually Outperform BTC
The recent video “Raoul Pal Reacts To Crypto Crash – This Was Planned! | Bitcoin Price Go Lower?” from the YouTube channel Altcoin Daily discusses the latest price trends and dynamics in the Bitcoin and Ethereum markets.
Bitcoin Price Movements
The video highlights the inherent volatility of Bitcoin, noting that 30-35% price pullbacks are quite common in this market. After the recent launch of Bitcoin ETFs in the US, the Bitcoin price dropped around 15% – a typical retracement at the 61.8% Fibonacci level during the first leg of a bull run.
This correction is seen as a phase where leverage gets “washed out” before the real run-up to new all-time highs begins. As the host notes: “The real run is the run to all-time highs and beyond, and with the real bull run typically not starting until after the halving.”
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Show more +The next Bitcoin halving event, which constricts supply, is expected in April 2024. So there may be a few months of range-bound price action or even a larger 30% downturn before the crypto market enters its next fervent bullish phase.
Ethereum Outlook
The video also discusses the future potential for Ethereum to outperform Bitcoin, especially if an Ethereum ETF gets approved after the pioneering Bitcoin ETFs.
Due to its lower liquidity compared to Bitcoin, Ethereum prices could rise even more sharply – potentially 300% – with the same amount of capital flows that pushed Bitcoin up 100% recently. Additionally, “Ethereum is stealing some of that market share as people prepare for what’s next; they think rightly so that ETH is the most likely candidate for the next ETF,” the host remarks.
If global liquidity trends higher, Ethereum is expected to benefit significantly and massively outperform Bitcoin for the remainder of this market cycle. Investor sentiment already seems to be shifting as people view Ethereum as a more versatile protocol for decentralized apps and smart contract functionality.
The approval of a forthcoming Ethereum ETF could rapidly accelerate this capital rotation into Ethereum from Bitcoin. The potential asymmetrical upside for Ethereum appears substantial.
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