Ethereum Could Significantly Outperform Bitcoin, According to Raoul Pal
Real Vision CEO Raoul Pal predicts that Ethereum (ETH) may outperform Bitcoin (BTC) in the next cycle based on its technicals and fundamentals.
Pal discussed his thoughts on the crypto-focused YouTube channel Altcoin Daily.
ETH/BTC pair chart analysis
Pal is keeping a close eye on the chart of Ethereum against Bitcoin (ETH/BTC). He believes that the ETH/BTC pair is coiling inside a wedge, and a breakout could send ETH into a rally that leaves the flagship crypto in the back seat.
Pal stated:
“There’s the chart of Ethereum versus Bitcoin. That’s one hell of a wedge. If that plays out, then we should see ETH doing 1x, 2x, 3x, 4x [or] 5x Bitcoin in the next run. And ETH probably won’t be the best performing crypto either.”
Is the ETH/BTC ratio the single most bullish major asset price chart in the world?
Might well be…#Etherum #Bitcoin pic.twitter.com/FXrdpg1gBj
— Raoul Pal (@RaoulGMI) October 30, 2022
According to Pal, the ETH/BTC must take out resistance at around 0.077 BTC ($2,115) to confirm the breakout. Currently, the pair is trading for 0.0639 BTC ($1,755).
Ethereum’s fundamentals
Pal also believes that Ethereum’s total addressable market is much larger than Bitcoin’s. Ethereum is a leading smart contract platform that allows developers to build decentralized applications (dApps) on top of its blockchain. Pal stated:
“Ethereum is a broader basis architectural protocol of which we can build more stuff on top of. Bitcoin just doesn’t do that. It has a different use case. So it’s unlikely to be as big.”
Pal compared the value of the internet to that of gold, stating that the internet is worth more. Similarly, he believes that Ethereum’s total addressable market is much larger than Bitcoin’s because of its ability to build more on top of its blockchain, making it more versatile and adaptable to different use cases.
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Conclusion
Pal’s analysis suggests that Ethereum may outperform Bitcoin in the next cycle. This is based on Ethereum’s technicals and fundamentals, specifically the ETH/BTC pair chart analysis and Ethereum’s larger total addressable market. However, it remains to be seen how the crypto market will develop. Investors should always conduct their own research before making any investment decisions.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
