Real Vision CEO Raoul Pal says that the technical and fundamental aspects of Ethereum (ETH) suggest that the second largest cryptocurrency may vastly outperform Bitcoin (BTC) in the next cycle.
In a new interview on crypto-focused YouTube channel Altcoin Daily, Pal says he has his eye on the Ethereum vs. Bitcoin (ETH/BTC) chart.
According to the macro guru, the ETH/BTC pair is rolling into a wedge, and a breakout could send ETH into a rally that leaves Bitcoin in the back seat.
says pal,
“There is the graph of Ethereum versus Bitcoin. That’s one hell of a wedge.
If that works then we should see ETH doing 1x, 2x, 3x, 4x [or] 5x Bitcoin on the next run. And ETH probably isn’t the best performing crypto either.”
According to Pal, the ETH/BTC pair needs to clear resistance around 0.077 BTC ($2,115) to confirm the breakout. At the time of writing, ETH/BTC is trading at 0.0639 BTC ($1,755).
As for Ethereum’s fundamentals, the Real Vision executive believes that the leading smart contract platform’s total addressable market is much larger than that of Bitcoin.
“Ethereum is a more broad-based architectural protocol on which we can build more things. Bitcoin just doesn’t do that. It has a different use case. So it’s unlikely to be that big.
Is the internet worth more than gold? Yeah, simple as that, and that’s basically the argument here.”
At the time of writing, Ethereum was worth $1,758.
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