In an atmosphere of anxiety caused by the bankruptcy of FTX Bitcoin (BTC) and altcoinWhile there are decreases in the prices, when will the investors start the bull? Have bottoms been found in Bitcoin and altcoins? looking for answers to their questions.
Providing not-so-positive news for investors, popular cryptocurrency analyst Benjamin Cowen revealed in a recent Youtube video that the biggest altcoin Ethereum (ETH) evaluated price movements.
ETHStating that he expects a significant decrease in the following months, the analyst claimed that the Ethereum price will probably fall to $ 600 for the fifth time before the bull.
“We talked about Ethereum throughout 2022. The expectation in ETH was for a series of bull rallies.
However, Ethereum dropped at the end of the day and when I examine its chart, we see that the downtrend has occurred for the fifth time.”
Comparing the current price of Ethereum with its price in the bear market in 2018, Cowen said that ETH has historically fallen by 80% to 95% in bear markets, and the current situation is no different from previous bears:
“Back to the bear market in 2018, Ethereum has fallen by about 95%.
Now I am not saying that Ethereum will drop 95%. But let’s say even if it drops by 87%, which is the value Bitcoin fell after the 95% bear market. This drop again brings Ethereum back to the $600 level.”
Investors “The bear market is over” Stating that he should not believe the rumors circulating in the direction of the famous analyst, he pointed out that the control of the markets for the foreseeable future is still in the bears.
“It will take a long time for ETH to return to the $600 level, but I think we will eventually see it drop to that level. And I think we’re going to have to go to those levels during the downturn.
When we finally really get down to those levels, it will be time for us to ascend.”
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