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- An analyst opined that BTC and ETH could reach new ATHs before Q1 2024 ends.
- Another analyst suggested that altcoins could benefit from the potential buying momentum in November.
The increase in value recorded by Bitcoin [BTC] and Ethereum [ETH] could only be the tip of the iceberg, according to Chris Burniske.
Realistic or not, here’s ETH’s market cap in BTC’s terms
Burniske, a partner at blockchain network and web3 infrastructure firm Placeholder, noted that a breakout for ETH and BTC could lead to new All-Time Highs (ATHs) for the cryptocurrencies.
In fact, Burniske noted that the projection could become reality before the end of the first quarter (Q1) of 2024. For context, BTC’s ATH was $68,789 in 2021 while ETH was 4,891 in the same year.
History could be set again
To back up his point, the analyst referred to the historical performance of the coins, particularly the December 2018 to January 2019 period. He also noted that both cryptocurrencies were showing similar price actions.
If $BTC & $ETH rip here, and then everything else follows, we could be in for a mid-2019 repeat — going just high enough to get people to believe that maybe, just maybe, new ATHs are around the corner, before enduring a final wipeout (Q1 ‘24?) and putting in firm higher lows.
— Chris Burniske (@cburniske) November 2, 2023
A look at CoinMarketCap’s data showed that Bitcoin moved from around $4,000 to $10,000 within the period mentioned above. For ETH, it jumped from $113 and closed at around $268.
Source: CoinMarketCap
While beating the ATH might sound like a challenging record to break, on-chain data showed that a hike could remain in place. AMBCrypto obtained this inference from the Short Term Holder Market Value to Realized Value (MVRV) ratio.
BTC and ETH sellers are fatigued
At press time, Bitcoin’s STH-MVRV was 1.22. This metric measures the behavior of short-term investors whose demographic is less than 155 days.
With the metric increasing over the last few months, Bitcoin may be able to maintain the increase it has seen lately over the next few months.
Source: Glassnode
Furthermore, AMBCrypto analyzed Ethereum’s Seller Exhaustion Constant, which also seemed to support the bullish thesis.
Using the 30-day price volatility, the Seller Exhaustion Constant detects periods of possible high losses and the period when it could be a relatively good period to make gains.
At press time, the metric had left the danger zone (colored red) and was up to 0.025. This implies that ETH’s value has more room to increase in the short term than its chance of a decrease.
Source: Glassnode
Additionally, another analyst who weighed in on the BTC/ETH price action was Altcoin Sherpa. According to Sherpa, the value of ETH and BTC may drop for a while. However, he added that the month of November remains a good buying period for both coins.
Is your portfolio green? Check out the ETH Profit Calculator
Sherpa, in his tweet, also mentioned that altcoins besides ETH may reap from the buying pressure in December and January.
$ETH: ETHBTC tanking, I think that altcoin buying opportunity is getting better each day. It’s looking more and more like the .048 area is going to get tagged. Expecting November to be a good buying period and then alts do really well in December/January. #Ethereum pic.twitter.com/3qTaTAsskB
— Altcoin Sherpa (@AltcoinSherpa) November 1, 2023
As it stands, both BTC and ETH could hit notable highs. However, making a new ATH is something that looks very difficult to achieve. At the same time, it should not be ruled out.