The famous cryptocurrency analyst, known by the alias Credible, told his 331,300 Twitter followers that he is watching the chart of Ethereum against Bitcoin (ETH/BTC) to predict how the two biggest cryptocurrencies will perform in the next few months.
According to cryptocurrency analyst Credible, the ETH/BTC pair sees it lose around 30 percent of its value over the next two months, suggesting that Bitcoin will outperform Ethereum in the short to medium term. Credible made the following statement on the subject:
“BTC has dropped, but ETH/BTC is still intact. I am still waiting for the ETH/BTC pair to reach the red line, but if the capitulation in BTC has not done that, what will it do? In my opinion, this drop in BTC was the harbinger of the big breakout. It heralded the fifth wave. "
Looking at Credible's chart, it sees the ETH/BTC pair correcting towards around 0.048 BTC ($1.435) by July and staging a strong rally to 0.09 BTC ($2,691) towards the end of the year. As for what might cause Ethereum to underperform Bitcoin in the coming months, Credible believes BTC is poised for its fifth wave, a final rally that could push the leading cryptocurrency to all-time highs.
“Those are my thoughts on BTC dominance right now. Long story short, BTC is outperforming in the early stages of our last fifth wave impulse. Dominance hits an all-time low before it's all over.”
Credible is a popular practitioner of Elliott Wave theory, an approach to technical analysis that predicts future price action by following crowd psychology, which tends to manifest in waves. The crypto strategist has been saying for months that he is ready for a final step or a fifth wave before the Bitcoin trend reverses.