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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Asset Manager Who Predicted Ethereum Outperforming Bitcoin: The Trend Is “Done”

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
ethereum bitcoin trend done

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Bitcoin has done well for itself in 2020, making it the top mainstream investment of the year so far. But deeper in the crypto market, Bitcoin’s gains look meager next to even its next closest asset in line, Ethereum.

Ethereum and DeFi tokens outperformed Bitcoin easily this year so far, but that trend is “done” according to an asset manager. The same asset manager also nailed calling the initial rise against BTC, and they very well could be correct again about what’s to come next.

Ethereum Is “Done” Outperforming Bitcoin, According to Asset Manager Avi Felman

Since early 2018, Bitcoin has trounced altcoins and sent them into apocalypse mode. While the first-ever cryptocurrency fell only 84% to its bear market bottom, altcoins, even the most prominent ones like Ethereum fell over 90% and then some. Several eliminated as much as 99% from their valuations.

Calls for altcoin season, often led by Ethereum or Litecoin, had become the butt of jokes. The once-popular opinion fell out of favor, until Avi Felman, head of trading at crypto asset management firm BlockTower Capital, did so again mid-June.

Related Reading | XRP Up-Move To Leave Bitcoin And Tether Traders “Sidelined”

From mid-June forward when Felman presented a “bull case” for Ethereum far outperforming Bitcoin, the top-ranked altcoin and blockchain central to the DeFi trend, Etheruem, did just that.

Now Felman says that this change in trend is “about done,” which means a reversal or potentially some stagnancy between the two top crypto assets.

ethbtc ethereum bitcoin

ETHBTC Daily Triangle Overperformance "Done", Wedge Underperformance Coming | Source: TradingView 

ETH/BTC Ratio To Drag Down DeFi, Other Altcoins Could Benefit

If the Ethereum ratio further falls against Bitcoin, it could be far worse for DeFi tokens still up an enormous amount due to the sudden flood of capital into the low-cap illiquid coins.

DeFi tokens are already down an average of about 60% across the board, with Yearn.Finance, Uniswap, Sushi, and several others performing the worst of the bunch.

Related Reading | Ethereum Leads DeFi Tokens On A 60% Average Fall From Summer Highs

Ethereum has held up relatively well comparatively, but if the second-ranked cryptocurrency behind Bitcoin, starts to fall on its ratio also, DeFi is in a lot worse trouble.

Felman didn’t share any comments referencing DeFi, but Ethereum being so central to the trend and showing such weakness, could drag these tokens down further.

Money from the DeFi trend could flow into not only Bitcoin but other non-DeFi altcoins like XRP, that have since lagged behind the rest of the market.

XRP, for example, has been showing signs that its ready to regain some lost ground against both Bitcoin and Ethereum, and could benefit enormously from the flood of funds coming back out of decentralized finance.

Featured image from Deposit Photos, Charts from TradingView
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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