Ethereums Market Trends Suggest Timing of Bitcoins Next Significant Peak
The cryptocurrency market, renowned for its cyclicality, often witnesses Ethereum (ETH) and Bitcoin (BTC) taking the forefront. Amid the current bearish sentiment, recent analysis suggests that Ethereum’s historical price trends could provide valuable insights into Bitcoin’s next significant peak.
In a recent post dated June 28th, crypto analyst CryptoCon shared data from Glassnode, highlighting Ethereum’s price behaviors post-cycle lows in August 2015, December 2018, and June 2022. This data illustrates three distinct cycles, unveiling notable growth and retracement patterns for ETH over time.
The initial cycle, commencing in August 2015, witnessed a substantial surge in Ethereum’s price followed by a corrective phase. Similarly, the second cycle, starting in December 2018, mirrored a rapid appreciation before a correction. The ongoing third cycle, beginning in June 2022, remains in progress. As of June 2024, Ethereum’s price has yet to surpass its previous all-time highs, indicating the cycle is still unfolding.
Aligning these cycle lows reveals a pattern: Major peaks for Ethereum in the first two cycles occurred approximately 30 months post-cycle lows. Should this pattern persist, the current cycle suggests a significant peak for Ethereum—and potentially Bitcoin—around November 2024.
“Major peaks for ETH in cycles 1 and 2 align with the significant peak in this cycle expected around November 2024. ETH has not yet surpassed previous ATHs. Crypto remains unfinished and on course,” the analyst remarked.
The analysis underscores a significant correlation between Ethereum’s cycles and potential market peaks, hinting at a predictive trend.
Meanwhile, attention remains focused on Ethereum amid reports of an impending spot exchange-traded fund (ETF) approval by the U.S. Securities and Exchange Commission (SEC), possibly as soon as July 4th. Analyst Michaël van de Poppe suggested in a recent post on June 29th that Ethereum’s ETF approval could be a pivotal event despite current market pessimism towards altcoins.
Drawing comparisons to past milestones like the Bitcoin ETF, Poppe anticipates Ethereum’s ETF could enhance liquidity and developer interest in projects like Arbitrum and Optimism, potentially reversing recent market downtrends. He remains optimistic about Ethereum’s potential to lead a broader crypto market rebound driven by economic factors and cyclical patterns.
At present, Bitcoin trades at $60,861, marking a daily decline of over 1%, while Ethereum faces bearish sentiments at $3,389, reflecting a 1.5% drop over the past 24 hours.
Disclaimer: This content does not constitute investment advice. Investing carries risks, and your capital is at risk.