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Bitcoin (CRYPTO: BTC) will recover faster than Ethereum (CRYPTO: ETH) from the current crypto market crash, a prominent trader predicts.
What Happened: CrediBULL Crypto highlighted the current weakness of ETH against BTC, pointing out that the latter has front-run its high timeframe (HTF) demand by a few hundred dollars, while the former has wicked through it.
He further noted that Bitcoin might be in the process of seeing a close back above the local swing low, whereas Ethereum is likely to close below it.
The implications of these observations suggest that Bitcoin is likely to recover from its recent correction much faster than Ethereum. He believes that the downward move for BTC appears to be a liquidity hunt into high-timeframe demand, which will be further confirmed with upcoming candle closes.
On the other hand, the breakdown for ETH is seen as more significant by the analyst. He pointed out that the altcoin has wicked through its HTF demand and taken the lows under it, indicating a technical break in the market structure.
Price Action: Over the past seven days, Ethereum (CRYPTO: ETH) is down 13%, while Bitcoin (CRYPTO: BTC) is down 19%.
What’s Next: CrediBULL Crypto predicts that BTC will recover from this correction relatively quickly and start the next upward impulse, while momentum on ETH will likely be capped at the $3,000-$3,500 region for some time.
This could lead to a multi-week or multi-month consolidation around this region as Bitcoin climbs to new highs at more than $100,000.
The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
