Analyst view: Ethereum looking hot, while Bitcoin might need a rest

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Ethereum is looking ready – while Bitcoin might be ready for a break, one Aussie analyst says.

Think Markets analyst Carl Capolingua told Ausbiz TV this morning that he thinks BTC is in for a period of consolidation before making a run at its all-time high.

“We are going to spend a little bit of time here at [under] 60,000. I’d be surprised — hey, I have been in the past — if we can smash through 60” immediately, the Perth-based technical analyst said.

At lunchtime (Sydney time) Bitcoin was trading at US$57,038, down 1.7 per cent from 24 hours ago.

Capolingua suggested placing buy orders at US$53,000 to US$55,000.

“Just close your eyes, because it’s probably not going to look good when we get there, and just put a little bit of money in for the long term,” he said.

Ethereum meanwhile was up 3.6 per cent to US$3,749.

“Look, that’s the one that’s moving right now, and that technically, from the chart standpoint, looks very very good,” Capolingua said.

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Institutional money that’s coming into the market isn’t going to invest in the No. 96 crypto, Capolingua said.

“They’re going to focus on these big two … I would still just focus in the short-term on Bitcoin and Ethereum.”

He had an initial price target of $4,028, “but $4,383 is not unreasonable…that trend is definitely fixed to the upside now, I think you’d continue to buy dips, I’d be happy to buy right now.”

In his regular spot on Ausbiz, Capolingua last week named Polkadot and Cardano as two cryptos to stack up on.

He was spot-on with Polkadot, which has gained 19 per cent in the past seven days, the biggest move of any crypto in the top 50. But Cardano has dipped 5.9 per cent to US$2.15.

Still, Capolingua said a move to $2.50 was realistic.

“It’s frustrating to be quiet at the moment,” he said, “but that is crypto – you need to wait and hodl patiently and optimistically until your time in the sun comes and you’re basking in the warm glow of your cryptocurrency finally going up.”

Crypto market at US$2.36

Overall the crypto market was down 0.9 per cent to $US2.36 trillion.

Shiba Inu coin was the biggest loser in the top 100, down 9.8 per cent, although that still puts it up 16.2 per cent in the past seven days.

Axie Infinity has been the biggest gainer, rising 12.6 per cent to US$136.02.

Melbourne-based institutional lending project Maple Finance has pumped for a third day, rising 10.5 per cent to US$35.47, and reaching an all-time high of US$42.80 yesterday afternoon.

 

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