According to the latest reports, it seems that Bitcoin will see an amazing set up forming. Check out the latest about this below.
At the moment of wring this article, BTC is trading in the green, and the king coin is priced a little below $29k.
Bitcoin new set up in formation
Accoridng to the latest reports, it seems that the venture capitalist Chris Burniske, who correctly called the 2022 crypto bottom, says Bitcoin (BTC) is flashing strength after reclaiming a critical technical indicator.
Burniske, a former ARK Invest analyst and a current partner at venture capital firm Placeholder, said recently the fact that Bitcoin is now trading above the 200-week simple moving average (SMA), an indicator that signals long-term trends.
He said the fact that the retesting the 200-week SMA as support bodes well for the future price action of the king crypto.
“Even if we consolidate for a bit, BTC convincingly cleared and closed back above the 200W SMA (yellow) – having that as support again would be beautiful.”
On the other hand, he also said that the pattern was broken during the most recent crypto winter.
“For those that are new here, the 200-week SMA was always support for BTC in cycles past – this bear was an anomaly in that regard.”
ETH could outperform BTC
It’s been just revealed the fact that Real Vision CEO Raoul Pal says Ethereum’s (ETH) technicals and fundamentals suggest the second-largest cryptocurrency may massively outperform Bitcoin (BTC) in the coming cycle.
In a new interview on the crypto-focused YouTube channel Altcoin Daily, Pal says he has his eye on the chart of Ethereum against Bitcoin (ETH/BTC).
He said that the ETH/BTC pair is coiling inside a wedge, and a breakout could send ETH into a rally that leaves Bitcoin in the back seat. Stay tuned for more news.