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 stated that he was one of those who felt the most pressure during the decline in early February, and admitted that it was a mistake to be overly optimistic about Ethereum.
Following these erroneous actions, Jack Yi, who is now approaching Ethereum and the market more cautiously, shared his new analysis from his X account.
According to JackYi, Bitcoin is currently in its final downtrend phase.
The expert noted that BTC is experiencing its third downturn since October of last year, and according to Elliott Wave and cycle theories, this decline could be the last major drop 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 bottom are the performance of the US stock market and the price of Strategy (MSTR). Yi believes that a sustained decline in stocks could drag 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, and according to ripple theory and cycle rules, this is the last major downward wave for Bitcoin.”
Furthermore, 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 Bitcoin’s potential price targets based on its October all-time high of $126,000, suggested that a 60% drop from BTC’s recent ATH of $126,000 could bring it down to $51,000, and a 66% drop could bring it down 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 constitute the final downturn of this cycle, offering the most valuable buying opportunity for the next three years.
“Finally, if we calculate based on BTC’s 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 final period, the best time for a dip, and even the most valuable trading opportunity for the next three years.”
