A well-known crypto analyst, known as CredibleCrypto, has shared insights on the current state of Bitcoin and Ethereum, pointing to encouraging market signals for BTC while suggesting ETH may offer greater upside potential.
Bitcoin’s price movement has been relatively stagnant for the past six weeks, but according to the analyst, this consolidation phase is showing “very healthy signs.”
Key indicators include a 20% decline in open interest, the absorption of $10 billion in spot selling, a stable funding rate, and a shift where the spot market premium has overtaken perpetual contract premiums.
These trends suggest reduced leverage risks and increasing demand from long-term investors rather than short-term speculators.
Despite the positive market structure, CredibleCrypto believes Bitcoin’s potential for major gains is limited compared to altcoins. He estimates BTC could see a maximum increase of 2x to 2.5x from current levels in this cycle.
However, he argues that many altcoins, particularly those that haven’t yet experienced significant rallies, could outperform BTC in the coming months.
Among altcoins, Ethereum stands out as the strongest contender, with the analyst referring to it as the “Bitcoin of altcoins” and a relatively safe bet. If BTC surpasses $150,000 this cycle, he predicts ETH could surge past $10,000—a gain of at least 207% from its current price.
Bitcoin’s potential for a bull run might depend on the trajectory of the US Dollar Index (DXY), according to prominent crypto trader CarpeNoctom.
Retail investors are increasingly favoring XRP over Bitcoin, as Glassnode data shows a dramatic 490% increase in XRP’s daily active addresses, compared to just 10% for Bitcoin since the 2022 market low.
Bitcoin exchange-traded funds (ETFs) in the United States recorded significant net outflows of nearly $100 million on Thursday, coinciding with a sharp decline in the U.S. stock market.
Crypto analyst Crypto Capo believes that Bitcoin may be on the verge of a significant upward move despite its recent dip.