Market Veteran Suggests ETH Outperforming BTC Would Form a Key Macro Trend in 2024

Prominent market veteran Raoul Pal recently suggested that the next bull run could see Ethereum (ETH) outperform Bitcoin (BTC), asserting that this event could form a key macro trend in 2024.

Pal forecasted this scenario in a post on X while attempting to address market watchers and investors who are bearish on Ethereum. One such market watcher is veteran trader Peter Brandt, who recently predicted that Ethereum could drop to $650.

Notably, Bitcoin is 68% up since September, looking to conquer and seal its position above the pivotal $44,000 threshold. On the other hand, ETH has only managed a 40.4% upsurge within the same timeframe.

As Bitcoin continues to outperform Ethereum in the latest market-wide uptrend, the latter has faced criticism from industry leaders who believe this trend will spill into the full-blown bull run. However, Raoul Pal holds a different view, citing data from historical patterns.

ETH and BTC Historical Trends

Pal pointed out that this initial trend of Bitcoin outperforming Ethereum played out during the 2021 bull run. Interestingly, data confirms that Bitcoin clinched the pivotal $44,000 level on Feb. 8, 2021 amid its impressive surge to $46,000.

However, at the time, Ethereum had not crossed key milestones. Pal suggested that the token traded at the $1,400 level, but data confirms that the asset did hit the $1,700 price level, trading at a high of $1,778 on Feb. 8, 2021. Despite the upsurge then, ETH underperformed compared to BTC.

Nonetheless, as the market entered further into the bull run, altcoins started performing better than Bitcoin, and Ethereum was not left out in the rally. The king altcoin eventually surged 245% over the course of nine months, while BTC only recorded a 45% appreciation.

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A Similar Occurrence

Pal believes this pattern is playing out again in the current cycle, as Bitcoin has clinched $44,000, while ETH trades at the $2,300 level.

He sees ETH outperforming BTC in the long run, as observed in the 2021 bull run. In his analysis, the market veteran asserted that this phenomenon would represent a crucial macro trend in 2024.

He attributes this potential trend to factors such as liquidity, the business cycle, and the subsequent development of a market narrative. Notably, business cycles, which include economic expansions and contractions, can influence investor risk appetite. 

Meanwhile, in the short term, Bitcoin changes hands at $43,622, down 0.27% over the past 24 hours. However, Ethereum has increased 4.83% within the same timeframe, currently trading for $2,336. The ETH/BTC chart is up 4.8% today.

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• Source: https://thecryptobasic.com/2023/12/22/market-veteran-suggests-eth-outperforming-btc-would-form-a-key-macro-trend-in-2024/?utm_source=rss&utm_medium=rss&utm_campaign=market-veteran-suggests-eth-outperforming-btc-would-form-a-key-macro-trend-in-2024