Closely followed crypto strategist predicts epic crash of leading smart contract platform Ethereum (ETH) heading to 2023.
Popular crypto analyst Justin Bennett tells his 105,500 Twitter followers that he sees Ethereum dropping to the bottom of a bear market around $300 with the 2022 expiration.
“Unpopular Opinion: ETH is likely to bottom out at $300 than $1,000. They will say, ‘This will never happen.’” It actually did this during the last cryptocurrency bear market. And that was without a global recession, a bear market, and inflation rising to new highs in many developed countries.”
At the time of writing, Ethereum is exchanged for $1,594. Moving to Bennett’s target indicates a downside risk of around 80% for the top altcoin by market capitalization.
As for Bitcoin, Bennett thinks BTC Possibly heading lower after channel support is taken out.
“This could still turn into a higher bottom for BTC, but the optics aren’t great. I still think we’re going lower.”
At the time of writing, Bitcoin is exchanging hands for $21,312, still below Bennett’s trendline support.
Bennett says he expects the US Dollar Index (DXY), which is pegging the US dollar against a basket of other fiat currencies, to continue rising. he is Notes The DXY rally does not bode well for both Bitcoin and Ethereum.
Today, the decline in stocks and cryptocurrencies was announced by the recovery of DXY on the 15th.
There’s always a canary in the coal mine…the trend is your friend unless it’s DXY. 112-113 first, but probably 120 in the next few months.
A rise in the US dollar means a decrease in risky assets. stocks, crypto, BTC, ETH. “
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