A popular crypto analyst believes that a top-10 altcoin based on market cap is primed to reach new all-time highs (ATH).
Known as Kaleo, this trader with a following of 642,000 on the social media platform X, suggests that BNB, the utility token for the BNB Chain ecosystem, is showing a price pattern on the four-hour chart similar to the one in 2021 that led to new ATHs.
“When BNB entered price discovery in the Spring of 2021, it initially had a very similar breakout and retest to the one we’re seeing now. Would look to add heavily on this dip, especially sub-$650 if you get the chance.”
Crypto traders and analysts use the term “price discovery” to describe a situation where a coin is trading at levels never seen before in its history.
At the time of writing, BNB is trading at $679, down more than 4% in the last 24 hours.
On the horizon, the analyst predicts that Ethereum (ETH) will break out of a descending trendline against Bitcoin (ETH/BTC), potentially causing layer-1 (L1) Ethereum Virtual Machine (EVM) projects to surge.
“Really believe it’s only a matter of time before we see something like this for the Ethereum/Bitcoin ratio. When it happens, be on the lookout for high ETH beta plays including alt L1 EVMs.”
Looking at the chart, the analyst indicates that ETH/BTC could rise above 0.10 BTC ($6,926). Currently, ETH/BTC is trading at 0.053 BTC ($3,689).
The trader also notes that based on historical patterns, Ethereum is in the early stages of the parabolic phase of the market cycle.
“How can you not be bullish here?”
Ethereum is currently trading at $3,686, down 3% in the last 24 hours.
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