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The Ethereum (ETH) network, bolstered by substantial institutional investment, rapidly evolved into a sophisticated financial product. Its growth trajectory is now comparable to Bitcoin (BTC), with Ethereum’s market capitalization being just a third less than Bitcoin’s. This parity suggests that Ethereum could outperform Bitcoin regarding profit margins over the next two years.
Bitcoin’s Market Outlook
Crypto analyst Jason Pizzino, known for his insightful market predictions, recently shared his views on Bitcoin’s future price movements. In a YouTube video, Pizzino asserted that Bitcoin is unlikely to retrace to the $25,000 support/resistance level. Instead, he anticipates moving towards the $31,000 to $32,000 range, followed by a potential rise to about $42,000 in the short term.
Pizzino expressed skepticism regarding predictions of Bitcoin reaching over $1,000,000 in the next bull run, a view championed by notable fund managers like Cathie Woods of Ark Invest. While not providing a specific price target, Pizzino advised investors to watch for changes in bullish momentum and be wary of any significant breaks in higher low patterns, signaling a potential shift to bearish trends.
Ethereum Price Trajectory:
Turning to Ethereum, Pizzino noted its tendency to follow Bitcoin’s lead. He suggested that Ethereum might reach its all-time high in the latter half of 2024. Ethereum’s weekly price chart shows it grappled with resistance around the $2,130 mark, yet to break out of its ascending triangle pattern as Bitcoin has.
