The crypto-verse took a major hit in April. Bitcoin [BTC] and Ethereum [ETH] the world’s largest cryptocurrencies were bleeding throughout the crypto carnage. The cryptocurrency sliding down below $30k, instilled fear among the entire community. Now, while the king coin tries to pave its path toward recovery, bears seemed to be pulling BTC back into its den. This, Chinese miner, however, believes that the bears would stay in the market longer than expected.
In a series of tweets, BTC.TOP’s founder, Jiang Zhuoer shared his predictions regarding the existing crypto market. He pointed out that the previous bull market came to an end in November 2021, following a four-year cycle. Taking this into consideration, Zhuoer suggested that the bear market would conclude only towards the end of 2022. The founder of the mining firm further noted that Ethereum would play a major role in this.
The Ethereum network has been prepping for its much-awaited shift onto Proof-of-Stake [PoS] from Proof-of-Work [PoW]. While the Ropsten testnet would undergo a merge in the coming days, it would also give the community insight into what ‘The Merge’ would look like. As the community patiently awaits this shift, Zhuoer predicted that the Merge will likely occur around the end of 2022 between October and December.
Will Ethereum be the catalyst for the next bull market?
Ethereum emerged as the largest altcoin way different than Bitcoin. The network is home to an array of projects. The entire crypto-verse is expected to be benefited from its imminent network-wide upgrade. As a result, Zhuoer believes that Ethereum would lead the next bull run. He tweeted,
“As the necessary element for new applications + Web3, #Ethereum will be the leader to start the next bull market.”
During press time, Bitcoin was trying to pocket some gains as it surged to $31,604. Ethereum, however, was dropping by nearly 2 percent. The asset was still at the edge of hitting $2k.