Current Ether Cycle Mimics Previous BTC Cycle, Analyst Says Real Run Could Be Underway
The ongoing Ethereum cycle follows the trend pattern observed in previous Bitcoin cycles, prompting a bold prediction from market analysts.
During the 2017 to 2021 bull run, the market witnessed Bitcoin make four notable moves, including a sharp 85% drop from its price peak. The asset notably rebounded after a confirmed bottom, increasing its price value by 350%, before recording another 72% dump after hitting a local top. The big bull conclusively kicked off a rally to the final cycle top, resulting in a 17x price run.
As one market analyst observed, Ethereum (ETH) is experiencing a similar trend in this cycle. The second most valued cryptocurrency by market cap witnessed an 85% drop from the previous ATH and rallied 350% from earlier lows. At this time, Ether is around 56% down from its local top and has continued to trade sideways. After completing the first two legs, the asset is expected to round up the last two moves and hit lower price levels as it did in 2018.
If ETH follows BTCs path, that final flush could take us down to $1.3K$1.4K. Which ironically, is the same level ETH hit in Jan 2018. That would be the maximum pain scenario a full 7-year round trip. The analyst noted.
However, like Bitcoins run in 2020, when it flipped and made a 17x upward price correction, Ether might be primed for a massive bull rally upon completing the movement pattern. So if ETHs about to finish its flush it might just be getting ready for the real run. He added.
At report time, Ether is trading at $1,907. A seven-day loss estimated at 10% at press time has yet to be cleared, making Ether the highest loser in the top three categories from the previous week.
Text source: ZyCrypto
