Predictions that Bitcoin will bottom in 2022 have investors paying close attention to cryptocurrency analyst Don Alt, who believes that altcoin king Ethereum may face a significant decline before reaching the bottom of the cycle.
In the latest episode of TechnicalRoundup, cryptocurrency analyst DonAlt warned that Ethereum (ETH) may be on the verge of a major collapse relative to Bitcoin (ETH/BTC). The analyst said that the ETH/BTC pair would rather collapse quickly than slowly decline over several months. He said:
ETH/BTC is currently experiencing an accelerated decline, as it has been over the past few weeks, which I think is a good thing. This is better than the bloodshed we experienced before. (Public account: Pepe Stud)
I believe the faster this trend accelerates, the closer we get to the bottom. However, if it accelerates beyond current levels, it means there will be greater pain. From a price perspective, it's not great for those who are still holding, but from a timing perspective, I like it when we see the big candles accelerating. I think we'll hit bottom in two weeks at most.
However, if you continue to see these little candles keep moving down, you would think it could continue for the next six months. I would actually prefer it to accelerate more because then it would start to look like capitulation.
Revealed expected level: 0.047 BTC
DonAlt emphasized that Ethereum investors would consider accumulating Ethereum after the capitulation, saying: “If capitulation starts and starts giving stupid price targets, my guess is it will be 0.047 BTC ($1,232). That’s where things start to get. The silly stuff, even if the story hasn’t come out yet, I’ll be ready for it.”
Currently, the ETH/BTC pair is trading at $1,578 and 0.06046 BTC. A drop towards the DonAlt forecast target suggests ETH/BTC has over 21% downside potential.
