Crypto analyst Michaël Van De Poppe recently made a bullish prediction for the Ethereum price against Bitcoin in the near future, noting the path for this to happen. According to a social media post by the analyst, price action on the ETH/BTC pair for the next months will center around spot Bitcoin ETFs, with a rotation into ETH also in the prediction.
Analyst’s Prediction of 100% Ethereum Price Rise Against Bitcoin
Michaël Van De Poppe recently took to X to share a chart of Ethereum’s price performance against Bitcoin (ETH/BTC pair) on the weekly timeframe. Price action on the chart forms green (bullish) candles during periods of Ethereum’s performance over Bitcoin, while red (bearish) candles are formed during periods of Ethereum’s underperformance against Bitcoin.
Taking a look at the chart shared by Van De Poppe shows that Ethereum’s performance on the ETH/BTC pair has been on a decline since the middle of 2022. This decline particularly increased during the last quarter of 2023, as the enthusiasm regarding spot Bitcoin ETFs led to a surge in the price of Bitcoin. Consequently, the analyst noted that Ethereum’s price performance against Bitcoin is now around the 2022 low of 0.04922.
According to Van De Poppe, the approval of the long-awaited spot Bitcoin ETFs could lead to the creation of another liquidation candle on ETH/BTC to eventually take the liquidity around the 2022 low. This would eventually lead to a rotation into Ethereum, combined with a bullish weekly divergence.
As a result, the ETH/BTC pair would be propelled to a target just above 0.12 by the rotation, signifying an increase of more than 100%. Notably, the last time ETH reached this level on the ETH/BTC pair was during the crypto’s first major bull run in 2018.
#Ethereum approaches the low of 2022 and is likely going to take the liquidity there.
If an ETF approval for #Bitcoin happens, I think we’ll have a liquidation candle on ETH/BTC and after that a rotation into Ethereum, combined with a bullish weekly divergence. pic.twitter.com/kGq91S7kq9
— Michaël van de Poppe (@CryptoMichNL) January 9, 2024
ETH bulls regain control of price | Source: ETHUSD on Tradingview.com
The Rotation Game Has Started
Spot Bitcoin ETFs have been approved by the SEC on Wednesday, causing the price of Bitcoin to spike to $48,600, its highest point since April 2022. However, the price of Bitcoin has stalled and is now trading at $45,839, about where it was when the news of the approval of spot Bitcoin ETFs came out.
At the same time, Ethereum rose over $2,500 to reach $2,600, its highest point since April 2022. Ethereum has maintained this gain to outperform Bitcoin and is trading at $2,618 at the time of writing.
According to another post on social media by Michaël Van De Poppe price action since the approval of spot Bitcoin ETFs suggests that the rotation is already happening on the ETH/BTC pair.
“The rotation game is happening already,” he stated, adding a $3,500 price target for ETH.
The rotation game is happening already.
A massive weekly bullish divergence on the $ETH / $BTC pair suggesting that we’re going to have a strong run on Ethereum, and altcoins.
We’re at January 2016, good times ahead. Ethereum to $3,500. pic.twitter.com/H72vZDFNFR
— Michaël van de Poppe (@CryptoMichNL) January 11, 2024
Investors are now anticipating the approval of spot Ethereum ETFs, which could also drive up the price of ETH.
Featured image from AMBCrypto, chart from Tradingview.com
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