- Ethereum is heading towards a 46% drop in value and could hit $90.
- Players positioning themselves ahead of Bitcoin rally to 85% dominance in the market.
The cryptocurrency make has come under intense volatility and extremely high selling pressure. This situation has seen bloodshed spewed across the cryptocurrency graphs and tables. Bitcoin dived refreshing lows close to $9,300 followed by massive dumping by the altcoins.
Ethereum, for instance, plunged to a four-month low after support levels at $180 and $165 willingly gave in to the selling activities. ETH hit a low around $164 before the ongoing shallow recovery occurred. At press time, Ethereum is trading at $170 after a subtle 0.85% increase in value on the day.
Max Keiser, a popular Bitcoin evangelist recently outlined the condition of the market. In his opinion, Bitcoin hashrate is hitting yet another all-time higher contrary to the altcoins which keep fizzling out. Keiser predicts that Ethereum is in for a massive drop to $90. The fall will represent a 46% drop in the value of the largest altcoin.
On the other hand, Bitcoin is headed for an 85% dominance in the market. Keiser says that the rising dominance of Bitcoin means that the altcoin hype is dying out as players take position ahead of the next BTC rally.
“New ATH for #Bitcoin hashrate as alts die and players position themselves strategically ahead of BTC’s move back to 85% dominance. BCH and BSV are particularly vulnerable. ETH heading back to $90,” Keiser outlined in a tweet.