Not making a good start to 2022 Bitcoin (BTC) and altcoins The declines it experienced throughout the year did not cease.
While investors are now looking forward to the end of the bear market and the start of the uptrend, cryptocurrency analyst Benjamin Cowen said: BTC and Ethereum (ETH) He said worse scenarios could happen.
Speaking in a Youtube post yesterday, Cowen stated that macroeconomic factors could push BTC and ETH to new lows.
Evaluating the largest altcoin ETH first, the analyst predicts that ETH could drop another 65% from its current price of around $1,170.
“The worst-case scenario for ETH will depend on how badly the potential recession will turn out.
It’s hard to know exactly how this will affect crypto, but I would say the main levels I’ve been watching for Ethereum are in the $400-$600 range.
I don’t know if ETH will drop to $400, but I think ETH could potentially reach $600.
Because I see a lot of evidence in ETH that Bitcoin is about a cycle behind.
ETH’s initial bearish cycle was a solid 95% bear market, and Bitcoin’s initial bear market drop was 94%.
Bitcoin’s second bearish drop was around 87%, so if Ethereum drops 87% or even 88% from its ATH this time, that would put it just under $600.
So I think the range where Ethereum is likely to go down is $400-$600.”
Secondly Bitcoin Commenting on BTC, Benjamin Cowen said:
“I don’t think Bitcoin needs to drop as low as some altcoins to find its bottom. But for the bottom to be found, I think BTC needs to go below $15,000 as well.”
Starting the week with a drop bitcoin and Ethereum At the time of writing, it continues to trade at $ 16,198 and $ 1,171 respectively.
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