A closely monitored crypto strategist predicts an epic collapse for the leading smart contract platform Ethereum (ETH) on its way to 2023.
Popular crypto analyst Justin Bennett tells his 105,500 Twitter followers that he sees Ethereum sink to a bear market bottom of around $300 when 2022 ends.
“Unpopular opinion: The ETH bottom is probably closer to $300 than $1,000. “That will never happen,” they will say. It already did during the last crypto bear market. And that was without a global recession, a bear market for stocks and an inflation that ripped to new heights in many developed countries.”
At the time of writing, Ethereum is changing hands for $1,594. A shift to Bennett’s target suggests a downside risk of around 80% for the top altcoin by market cap.
As for Bitcoin, Bennett believes BTC is likely on track to lower prices after ending its channel support.
“This may still be a higher low for BTC, but the optic is not great. I still think we’re going lower.”
At the time of writing, Bitcoin is trading at $21,312, still below Bennett’s trendline support.
Bennett says he expects the US dollar index (DXY), which spells the US dollar against a basket of other fiat currencies, to continue rising. He notes a rising DXY does not bode well for either Bitcoin or Ethereum.
“Today’s withdrawal from stocks and crypto was advertised by the DXY reclaim on the 15th.
There’s always a canary in the coal mine… The trend is your friend, unless it’s the DXY. 112-113 first, but most likely 120 in the coming months.
USD up means risky assets down. stoks, crypto, BTC, ETH.”
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