Jiang Zhuoer, a prominent Chinese miner, predicts that Ethereum (ETH) will increase in price and leave its current low range from March to May 2023. While he has a negative outlook for Bitcoin and thinks BTC may stay at a low price for up to 8 months.
He explains that from the highest point in the BTC bull market to the end of the next halving, BTC has reached the time period of the low point in the bear market of 2014-2018.
According to Zhuoer, if Bitcoin reaches its lowest point in the bear market of 2022 – 15476 after the FTX thunderstorm, the period from peak to trough of these three cycles will be almost equal, showing that the 4-year halving cycle is unbreakable.
He believes that if the current BTC bear market is like the one in 2018, there will be a period of low prices for two more months before the next bull market begins. However, if it is like in 2014, there will be a period of low prices for eight more months.
On the other hand, he thinks “ETH is much stronger.” He says that the number of new ETH coins issued after switching to POS has been reduced because of the burning of EIP 1559 coins.
Multiple other factors, such as currency freedom and contract freedom, have attracted a lot of users and applications. He also highlighted that Ethereum has not fallen to a new low like BTC after the FTX collapse and has stayed at a low price in a sideways state.
According to his statement:
The decline of ETH is not like the last round of bear market, which is greater than that of BTC. Instead, it has fallen by 80% with BTC. ETH/BTC has remained at a high level of 0.07~0.08 during the bull market.
Moreover, Zhuoer also mentioned that the inflation rate of ETH is 3.59% while BTC is only 0.01%. He believes that the deflation of Ethereum will be beneficial to funds and will be reflected in its price. He thinks ETH will enter a deflationary spiral in a bull market.
Therefore, ETH will be the leader of the next round of bull market, and it will start to rise earlier than BTC.
Ethereum Bearish Outlook
Some analysts think that Ethereum (ETH) may go down in price. For example, some large investors, called whales, are betting that ETH will drop to $400, which was its price in late 2020.
Recently, WU blockchain reported that there was a large order for 26,000 ETH put options with a strike price of $400 and an expiration date of June 30. Some people in the market think that these large investors are just trying to protect their positions by buying these put options.
However, when it comes to Ethereum (ETH) price review. Currently, ETH is trading at $1,308.55 and looks promising based on the daily and weekly charts.
It has gained 3.56% in the last 24 hours and 8.77% over the previous seven days. The most boosting thing is its 24 hours trading volume which increased by 102% in the 24 hours, according to the statistics from CoinMarketcap.
Related Reading | Weekly Market Watch: Bitcoin & ETH Struggles While Altcoins Showing Impressive Gains
