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.”
Zu der Zäit vum Schreiwen, geschriwen fir 22,054 US Dollar verkaaft ginn.
Zu der Zäit vum Schreiwen, Ethereum ännert Hänn fir $ 1,215.
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 zougëtt at $920 billion, down about 70% from its all-time high of $3 trillion.
kontrolléieren Präis Action
Verpasst kee Beat - abonnéieren fir Krypto E-Mail Alarmer direkt an Är Inbox geliwwert ze kréien
Follegt eis op Twitter, Facebook an Hëllefe profitéieren
Surfen Den Daily Hodl Mix
Disclaimer: Meenungen ausgedréckt am The Daily Hodl sinn net Investitiounsberodung. D'Investisseure sollten hir Due Diligence maachen ier se héich riskéiert Investitiounen an Bitcoin, cryptocurrency oder digital Verméige maachen. Gitt u Berodung datt Är Transferen an Trades op Ären eegene Risiko sinn, an all Verloscht déi Dir leet, ass Är Verantwortung. Den Daily Hodl empfeelt net de Kaf oder de Verkaf vu Krypto-Währungen oder digital Verméigen, an och ass den Daily Hodl keen Investitiounsberoder. W.e.g. notéiert datt den Daily Hodl am Partnermarketing matmaacht.
Featured Image: Shutterstock / IfH
Source: https://dailyhodl.com/2022/06/15/crypto-trader-who-nailed-2018-bear-market-bottom-says-bitcoin-and-ethereum-very-close-to-pivotal-moment/