The pseudonymous host of popular crypto market commentary show Coin Bureau is predicting that Ethereum Classic ($ETC) could rally ahead of Ethereum’s transition to proof-of-stake (PoS).
According to a recent YouTube video released on July 25, Coin Bureau’s host “Guy” told viewers that Ethereum Classic could benefit from Ethereum’s long-awaited upgrade, dubbed “The Merge.” The upgrade is expected to be a massive overhaul for Ethereum, completing the blockchain’s transition from proof-of-work to proof-of-stake and making the network more sustainable.
As reported by The Daily HODL, Guy said,
ETC is rallying because of speculation that Ethereum Classic will benefit when Ethereum completes the merge. ETC was one of last week’s top-performing cryptos, too, so I’ll reiterate what I said back then – be careful. With that said, if that bull flag on the daily plays out, ETC could rally as high as $40 in the coming weeks.
Guy also predicted that Bitcoin’s price would dip during the lead-up to The Merge, with all of the investor excitement being devoted to Ethereum. He noted that $BTC’s daily charts were showing a short-term downturn, which he expected to broaden to Bitcoin’s weekly price performance.
Despite predicting a dip ahead, Coin Bureau’s host was bullish on Bitcoin’s long-term outlook. He predicted the price for $BTC would rally following the near-term dip, reaching as high as $30,000 in August or early September.
According to data by TradingView, on Coinbase, $ETC is currently(i.e. as of 5:37 a.m. UTC on July 31) trading around $40.48, up 171.3% in the past one-month period.