Despite the declines that began in October, LD Capital founder Jack Yi, who had consistently expressed optimism about Ethereum until the beginning of February, had now lost hope in ETH.
Yi said he was one of those who felt the most pressure during the decline in early February and admitted it was a mistake to be too optimistic about Ethereum.
Following these erroneous actions, Jack Yi, who now approaches Ethereum and the market with more caution, shared his new analysis from his X account.
According to JackYi, Bitcoin is currently in its final downtrend phase.
The expert noted that $BTC This is the third decline since October of last year, and according to Elliott wave and cycle theories, this decline could be the last major decline of the bear market. According to Elliott Wave Theory, the third wave is usually the strongest and longest lasting.
The Chinese founder added that the key variables in determining the floor are the performance of the US stock market and the price of the strategy (MSTR). Yi believes that a sustained decline in stocks could send Bitcoin lower further, while a rebound in MSTR could signal a broader bottom in the market.
“We are currently experiencing the third wave of decline since 11:10 a.m., and according to ripple theory and cycle rules, this is the last major bearish wave for Bitcoin.”
Additionally, black swan events or sudden spikes often occur at the end of past bear markets, but this one hasn’t happened yet, so we need to watch it closely.
What levels could Bitcoin reach?
Yi, who sets potential price targets for Bitcoin based on its all-time high of $126,000 in October, suggested that a 60% decline from $BTCThe recent ATH of $126,000 could take it back to $51,000, and a 66% drop could take it back to $43,000. According to Yi, these percentages represent significant declines from current prices and signal a deep bear market bottom.
Finally, JackYi predicted that July and August would be the final downturn of this cycle, providing the most valuable buying opportunity for the next three years.
“Finally, if we calculate on the basis $BTCThe highest point of $126,000, a 60% drop would be $51,000 and a 66% drop would be $43,000. In any case, July-August should be the last period, the best period for a decline, and even the most valuable trading opportunity for the next three years.
*This does not constitute investment advice.