LD Capital founder Jack Yee, who had consistently expressed optimism about Ethereum until early February despite the decline that started in October, has now lost hope on ETH.
Yee admitted that it was a mistake to be overly optimistic about Ethereum, saying he was one of the people who felt the most pressure during the early February sell-off.
In the wake of these missteps, Jack Yee, who is now taking a more cautious approach to Ethereum and the market, shared new analysis from his X account.
According to JackYi, Bitcoin is currently in its final downtrend stage.
Experts pointed out that $BTC This is the third decline since October of last year, and according to Elliott Wave and cycle theory, this 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 variable in determining the bottom price is the price of the US Stock Market Performance and Strategy (MSTR). Yi believes that a sustained decline in stock prices could push Bitcoin further down, while a rebound in MSTR could signal a broader market bottom.
“We are currently experiencing the third wave of decline since 11:10. According to Ripple theory and cycle rules, this will be the last big wave of decline for Bitcoin.”
Additionally, while black swan events and sudden spikes often occur at the end of past bear markets, this one has not yet occurred and should be watched closely. ”
What levels could Bitcoin reach?
Yi bases his potential price target on Bitcoin on October’s all-time high of $126,000, but suggested a 60% decline going forward. $BTC‘s recent ATH is $126,000, which could drop as low as $51,000, and a 66% decline could take it as low as $43,000. These percentages represent a significant decline from current prices and indicate a deep bear market bottom, Yi said.
Finally, JackYi predicted that July and August will be the last economic downturn of the cycle and the most valuable buying opportunity over the next three years.
“Ultimately, if you calculate based on this, $BTChas a high of $126,000, a 60% decline to $51,000, and a 66% decline to $43,000. In any case, July-August is the last period and should be the best time for declines, and even more so, the most valuable trading opportunities in the next three years. ”
*This is not investment advice.
