The crypto strategist who accurately called the bottom during the 2018 bear market says Bitcoin (BTC) and Ethereum (ETH) are close to printing this cycle’s lows.
Pseudonymous analyst Smart Contracter tells his 208,000 Twitter followers both BTC and ETH have gone through a capitulation phase and are now trading at a price area that he says offers strong support for the two leading crypto assets by market cap.
“BTC and ETH are both at their weekly respective 200-week moving averages. Bottom is very, very close in my opinion, maybe marginal new lows on lower timeframes but this is the spot to start accumulating in my opinion.
This is pure unadulterated capitulation.”
У време писања, Bitcoin тргује се за 22,054 долара.
У време писања, Ethereum мења власника за 1,215 долара.
According to Smart Contracter, the 200-week moving average has marked bear market bottoms for Bitcoin in the past eight years.
“BTC has bottomed 4x at the 200-week moving average dating back to 2014. Probably safe to assume it’s a pretty strong level. Sure we can wick below it but there’s also still six days left in the week.”
Smart Contracter also says he doesn’t believe Bitcoin will endure another 80% drawdown, which happened during the 2014 and 2018 bear markets, as crypto has already obliterated trillions of dollars in market cap this cycle.
“I personally feel the higher each cycle goes, the less the percentage drawdown from the top each bear [market] will be. [The] amount of dollars wiped out already surpasses 2018 by a mile.”
The entire crypto market cap is currently вреднован at $920 billion, down about 70% from its all-time high of $3 trillion.
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Изјава о одрицању одговорности: Мишљења изнета у Даили Ходлу нису савети за улагање. Улагачи би требали обавити своју дужну опрему прије него што уложе у високе ризичне инвестиције у битцоин, крипто валуту или дигиталну имовину. Имајте на уму да су ваши трансфери и трговине на сопствени ризик, а за све губитке који могу настати одговоран сте. Даили Ходл не препоручује куповину или продају било које крипто валуте или дигиталне имовине, нити Даили Даили Ходл није саветник за инвестирање. Имајте на уму да Даили Ходл учествује у аффилиате маркетингу.
Истакнута слика: Схуттерстоцк/ИфХ
Source: https://dailyhodl.com/2022/06/15/crypto-trader-who-nailed-2018-bear-market-bottom-says-bitcoin-and-ethereum-very-close-to-pivotal-moment/