Polygon (MATIC) is poised to surpass Bitcoin, crypto analyst says – here’s the timeline
A widely followed analyst says Ethereum (ETH) layer-2 scaling solution Polygon (MATIC) is setting the stage to outperform king crypto Bitcoin (BTC).
Pseudonym cryptanalyst Pentoshi says his 675,500 Twitter followers that a key upgrade to the Polygon blockchain project will send its price skyrocketing.
Polygon Labs announced that on March 27th it will launch its zero-knowledge Ethereum Virtual Machine (zkEVM) beta mainnet. The upgrade is intended to improve the Ethereum ecosystem experience for users and developers by adding efficiency and reducing costs.
Pentoshi predicts that Polygon will reach an all-time high (ATH) price against Bitcoin in ten to 14 days before the technology upgrade.
“MATIC ATH vs BTC could be this week, or next. See how it performed during the bear. Now add a catalyst in the world’s first zkEVM network coming in a month, and people in a rush to short Imo tops near 10- 14 days before the event also ended up taking $1.30.”
MATIC is worth 0.0000602 BTC ($1.47) at the time of writing.
Looking at this chart, MATIC needs to exceed 0.0000650 BTC ($1.59), which it last hit in November 2022, to reach an ATH.
Pentoshi says Since Polygon has held strong during the bear market, it only makes sense that the event launch would send it much higher during a broader crypto rally.
“Said this yesterday, but this will probably be my main focus for trading for the next month. As I think going into the event launch, it will probably trade significantly higher than it is now. It has also been a strong bear market coin and will likely making new ATHs vs BTC in my opinion.”
Pentoshi says he collects more of the token after it turned $1.30 from resistance to support and started pumping higher.
“Started adding some here. Will add more at $1.34 if we get it, but this is a nice move from the tops.”
Pentoshi says Polygon may pull back after the rally to $1.33, but predicts it will eventually reach $1.50.
“Short term, may get a pullback towards 1.33 if it cools down a bit. If so I’ll look to add.”
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