As a seasoned crypto investor with a decade-long journey in this rollercoaster market, I must say that the recent dip in ETH/BTC pair to 0.0375 BTC is nothing new under the sun. I’ve seen similar dips and recoveries multiple times before. However, the current prediction by analysts like Benjamin Cowen, Aksel Kibar, and Alex Thorn does make me pause a bit.
As a crypto investor, I found myself reflecting on October 23rd when the ETH/BTC pair touched its lowest point since April 2021, dipping to an equivalent of only 0.0375 Bitcoin. This represents a staggering 55% drop from its peak.
Market analyst Benjamin Cowen has predicted that 0.036 BTC could now be the next stop.
He expects the pair to reach the bottom of the ongoing multi-year downtrend in early 2025.
Chartist Aksel Kibar believes that the current downtrend could accelerate with more volatility.
According to Alex Thorn, the head of research at Galaxy Digital, a company specializing in cryptocurrencies, he believes that the price point of 0.03 might still be relevant or possible.
ETHBTC still slipping lower.
lowest since apr 14, 2021. 0.03 still in play
— Alex Thorn (@intangiblecoins) October 23, 2024
On October 23rd, the value of Ethereum (ETH) decreased due to news that the Ethereum Foundation had disposed of more Ether tokens.
The number two digital currency is finding it tough to recover its charm following the lackluster results of several ETFs based on direct trading, which were recently introduced in the United States.
To clarify, the co-founder Vitalik Buterin has recently disclosed some lofty targets that are intended to be met through Ethereum’s plan. One of these objectives is aiming for a processing capacity of 1,000 transactions per second, which falls under the “Surge” phase.
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2024-10-24 11:13