Cryptoanalyst reveals major downside target for Ethereum, predicts Bitcoin Bottom scenario
A popular analyst digs into the charts to set low price targets for the two largest cryptocurrencies by market value.
Pseudonym cryptohandler Altcoin Sherpa says his 179,500 Twitter followers, he sees the leading smart contract platform Ethereum (ETH) at around $ 975 to $ 1425 while warning that further capitulation could cause it to drop to $ 600.
“This area is still a high-demand area, and if we fall out here, $ 600 is probably the next area.”
At the time of writing, Ethereum is down more than 4% in the last 24 hours, trading at $ 1,148.
When we look at Bitcoin (BTC), Altcoin tells Sherpa his 10,200 YouTube subscribers that he sees $ 16,000 to $ 20,000 as a potential support zone when BTC tries to recover after a month in which it has lost about a third of its value.
“Whether this will continue to remain a kind of so-called bottom remains to be seen, but if this is the bottom, this kind of $ 16,000 to $ 20,000 range, then we will see a lot of tension around this range.
The bottom usually takes a long time to form, and … Basically, I expect it to have a lot of volatility and then some sort of range for quite a long time, weeks and months, before it finds a bottom. “
The analyst is still cautious about predicting a bottom in the bear’s cycle, noting two previous cases that were characterized by dramatic downward volatility.
“I’m not saying this is necessarily the bottom line. Usually to form the absolute bottom, you will see a kind of nasty capitulation week. Back in 2018, it was obviously the $ 6000 level where the price fell through [from] $ 6000 to $ 3000.
And then obviously the Covid crash in March 2020. This was obviously a very nasty situation as well, where the price just dumped badly and then a v-shaped reverse. But the reversal of the v-shape is quite unusual for Bitcoin, and I think it is much more likely that Bitcoin has a long, varying price action over several months once the bottom is found.
I do not know where this is going to end up. $ 16,000 to $ 20,000 is my hope, but I can not really say where the bottom will be. “
Bitcoin is currently down 2.6% on the day, changing hands for $ 20,297.
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