A featured crypto strategist predicts an epic crash for leading smart contract platform Ethereum (ETH) towards 2023.
Popular cryptocurrency analyst Justin Bennett has told his 105,500 Twitter followers that he sees Ethereum falling to the bottom of a bear market around $300 with a 2022 maturity.
“Unpopular opinion: ETH is more likely to bottom at $300 than $1,000. This was actually done during the last cryptocurrency bear market. There was no global recession, no bear market, and no rise in inflation to new all-time highs in many advanced economies. ”
At the time of writing, Ethereum is trading at $1,594. Moving to Bennett’s target shows that the top altcoin by market capitalization has around 80% downside risk.
As for Bitcoin, Bennett believes BTC may fall after channel support is removed.
“This could still be a higher bottom for BTC, but the optics are not good.
At the time of writing, Bitcoin is trading at $21,312, still below Bennett’s trendline support.
Bennett expects the US Dollar Index (DXY), which pegs the US dollar to a basket of other fiat currencies, will continue to rise. Note A rise in DXY does not bode well for both Bitcoin and Ethereum.
Today, on the 15th, a decline in stocks and virtual currencies was announced due to the recovery of DXY.
There’s always a canary in the mine… unless it’s DXY, trend is on your side. At first he is 112-113, but in the next few months he will probably be 120.
A rising US dollar means less risky assets. sTok, Crypto, BTC, ETH. “
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Featured Image: Shutterstock/Tithi Luadthong
