At the start of June, the two largest cryptocurrencies by market capitalization tumbled to their lowest levels in years. However, many analysts believe the cycle bottoms have not occurred yet.<\/p>\n
The big question now appears to be whether Bitcoin (BTC) or Ethereum (ETH) will find its floor first, and here\u2019s the take of one popular market observer.<\/p>\n
X user Ted argued<\/a> that the second-biggest cryptocurrency is more likely to bottom before the industry\u2019s undisputed leader. He claimed that most of the downside liquidity has been taken out, projecting a plunge to $1,300-$1,400.<\/p>\n \u201cBut after that, upside liquidity will start to look more interesting,\u201d he added.<\/p>\n Shortly after, Ted noted<\/a> ETH\u2019s drop below the critical $1,700 mark and warned that the asset could post a further 5-6% decline if it doesn\u2019t reclaim this level.<\/p>\n There are plenty of other analysts who believe the worst for Ethereum is ahead. Ali Martinez said<\/a> the asset is breaking down from its channel and is trading below the 200-hour SMA. That said, he expects a drop toward $1,580.<\/p>\n Niels also claimed<\/a> that ETH hasn\u2019t bottomed for this cycle, predicting a crash to as low as $1,200 sometime this year. At the same time, they see the current price level as a great buying opportunity.<\/p>\n Earlier in June, the primary cryptocurrency plummeted to nearly $59,000 for the first time since late 2024. Ted, like many other industry participants, thinks this was not the bottom.<\/p>\n He spotted<\/a> a massive liquidity cluster around $50,000-$60,000, describing it as the same zone with large BTC buy orders on exchanges. With that in mind, Ted said that the price will likely sink to $50K \u201cwith a possible wick.\u201d<\/p>\n X users bee and Crypto Lens have also made bearish forecasts. The former opined<\/a> that BTC is \u201con the verge of the final flush,\u201d expecting a drop to $51,000-$52,000, while the latter envisioned a downturn to $43,000 by August this year.<\/p>\n However, it\u2019s not all doom and gloom. Certain factors, such as the declining amount of BTC held on exchanges, suggest a rebound is also possible. As CryptoPotato<\/em> reported<\/a>, the figure recently dipped to a six-year low, meaning that investors have abandoned centralized platforms in favor of self-custody, thereby reducing immediate selling pressure.<\/p>\n Meanwhile, whales scooped up<\/a> more than 30,000 BTC in a week: a strong signal that they are positioning for the next rally and something that could encourage retail investors to jump on the bandwagon, too.<\/p>\n The post Bitcoin (BTC) or Ethereum (ETH): Which Will Bottom First?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" At the start of June, the two largest cryptocurrencies by market capitalization tumbled to their lowest levels in years. However, many analysts believe the cycle bottoms have not occurred yet. The big question now appears to be whether Bitcoin (BTC) or Ethereum (ETH) will find its floor first, and here\u2019s the take of one popular […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-183665","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/183665"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=183665"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/183665\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=183665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=183665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=183665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How About BTC?<\/h2>\n