A top trader who predicted a Bitcoin (BTC) bottom last year said Ethereum He says ETH could see a deep devaluation before a cycle bottoms out.
In the new episode of TechnicalRoundup crypto- Ethereum may be on the verge of collapse against Bitcoin (ETH/BTC), analyst DonAlt tells his 53,300 YouTube subscribers.
According to the analyst, he would prefer to see the ETH/BTC pair go through a major selling event rather than slowly moving downwards for months.
Overall, ETH/BTC is now accelerating to the downside as it has been for the last few weeks, and I think that’s a good thing. It’s better than the blood loss we experienced before.NEWS CONTINUES BELOW
I think the faster this situation accelerates, the closer we will get to the bottom. However, if this situation accelerates more than it has so far, the real pain will be experienced again. For people still holding it, that’s not good for the price. But in terms of time, I like it better when it accelerates when you see big, big candles… I think we could be two weeks away from the bottom, tops.
Whereas if you see these little candles constantly going down, you think this could continue for the next six months.NEWS CONTINUES BELOW
I’d actually prefer this to go faster because then it starts to look capitulative.
DonAlt says he wants to accumulate Ethereum after ETH holders surrender.
If that starts to capitulate and start putting stupid prices, like when you look at the chart and people are acting really stupid right now, then I’ll go down. I think it would be 0.047 BTC ($1,232) – something like that. This is where things start to get stupid, and this is where I’ll be ready even if the narrative isn’t there.
At the time of writing, ETH/BTC is trading at 0.06022 BTC, worth $1,578. A correction towards DonAlt’s price target suggests over 21% downside potential for ETH/BTC.