Bitcoin (BTC) or Ethereum (ETH): Which Will Bottom First?

How deep can BTC and ETH sink during this bear market?

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’s the take of one popular market observer.

Is ETH First in Line?

X user Ted argued that the second-biggest cryptocurrency is more likely to bottom before the industry’s undisputed leader. He claimed that most of the downside liquidity has been taken out, projecting a plunge to $1,300-$1,400.

“But after that, upside liquidity will start to look more interesting,” he added.

Shortly after, Ted noted ETH’s drop below the critical $1,700 mark and warned that the asset could post a further 5-6% decline if it doesn’t reclaim this level.

There are plenty of other analysts who believe the worst for Ethereum is ahead. Ali Martinez said 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.

Niels also claimed that ETH hasn’t 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.

How About BTC?

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.

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He spotted 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 “with a possible wick.”

X users bee and Crypto Lens have also made bearish forecasts. The former opined that BTC is “on the verge of the final flush,” expecting a drop to $51,000-$52,000, while the latter envisioned a downturn to $43,000 by August this year.

However, it’s 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 reported, 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.

Meanwhile, whales scooped up 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.