In a recent prediction, DonAlt, a crypto analyst known for accurately predicting the lowest point of Bitcoin (BTC) in the past, has expressed concerns about Ethereum (ETH) facing a significant devaluation before reaching a cycle bottom. He specifically points to the ETH/BTC pair and its potential for a breakdown.
DonAlt believes that it would be preferable for the ETH/BTC pair to experience a sharp sell-off event rather than a gradual decline over several months. He suggests that this acceleration in the downside movement may indicate that Ethereum is closer to its bottom. However, if the acceleration continues further, it could lead to more significant price declines, which might not be favorable for those holding Ethereum in terms of price.
He mentions that he would prefer to see Ethereum capitulate, meaning a point where holders panic and sell at lower prices. DonAlt suggests that a price of around 0.047 BTC (approximately $1,232) could be a level where such capitulation might occur, and he would be ready to accumulate Ethereum at that point, even if the narrative around it isn’t strong.
It’s important to note that cryptocurrency markets are highly speculative and subject to rapid fluctuations, and predictions should be taken with caution. DonAlt’s views represent one perspective, and the actual future performance of Ethereum will depend on various factors and market dynamics.