A popular crypto analyst says that the leading smart contract platform Ethereum (ETH) returns to its pre-bull run price level.
In a new strategy session, Benjamin Cowen recount its 773,000 YouTube subscribers that the price of Ethereum will likely return to $600 for the fifth time.
“We’ve been talking about it all through this year and the general expectation is that Ethereum will go through a series of bullish runs, but it eventually goes home at the end of the day and it comes back to its fitted logarithmic regression band to “non-bubble data” and we kind of see this same trend happening for the fifth time…
If you remember back in 2018, Ethereum’s shrinkage was around 95% or so. I’m not saying Ethereum will go down 95%, but even if it goes down, say 87%, which Bitcoin went down after its 95% bear market, that would still put Ethereum at $600.
The analyst says that all things considered, ETH bears will remain in check for the foreseeable future, despite some investors calling for an end to the bear market.
“It’s taking a long time, I mean it’s taking a long time for us to get there, but I think we’ll get there eventually and we’ll have to get to those levels in the regression band, in my opinion, before we can actually support another bull run and support a move in the market.
Eventually, once we hit some really deep levels of value, it might be time to kind of come back to the bullish side…
If you’re new to crypto and have constantly doubted these kinds of lower forecasts, the past few months should have woken you up to this point that you should plan for these scenarios even though they don’t necessarily happen, but there is a high probability that they may occur.
At the time of writing, Ethereum is changing hands for $1,251, around 52% of Cowen’s potential price target.
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