Crypto Analyst Says Bitcoin Bear Market ‘Closer and Closer’ To End, Breaks Down Cardano and Two Other Altcoins
A widely followed crypto analyst is laying down a timeline for the end of the Bitcoin (BTC) bear market woes.
Pseudonymous analyst Rekt Capital updates their 329,600 followers on the current BTC bear market timeline relative to last year’s bull market.
“It’s been ~400 days since the BTC Bull Market peak at $69,000
Which means that this Bear Market is getting closer and closer to ending
Historically, BTC Bear Markets find their absolute bottom price approximately 365 days after the previous Bull Market peak.”
With BTC trading for $16,831 at time of writing, Rekt Capital draws a line in the sand for the leading crypto by market cap.
“BTC still below the ~$17150 resistance (blue)
A Monthly Close below ~$17150 would likely further confirm this level as resistance & send BTC back to ~$15400 lows
Another retest of ~$15400 may fail to hold, especially after such a weak reaction since November.”
Next, the analyst turns their attention to Ethereum (ETH) rival Cardano (ADA). Unfortunately for ADA holders, Rekt Capital foresees more trouble for the smart contract platform.
“Still more downside likely to come for ADA as there is no major support below for a while
The next major support for ADA is at $0.15
That’s a -40% drop from current prices.”
Rekt Capital then looks at Monero (XMR), a cryptocurrency specifically designed to make transactions untraceable.
“Ranged at highs in the black range for ~1.5 years before distributing
XMR has since turned the Range Low into new resistance to confirm the breakdown
Continued rejection here & XMR could revisit its historical Accumulation Range (green).”
Finally, Rekt Capital analyzes Basic Attention Token (BAT), predicting that the privacy browser token could drop in price early next year.
“Now challenging the multi-year green Higher Low (HL) support
Historically, Quarterly wicks below the HL have preceded bottoms
If BAT 3 million closes above the green HL by end of year, then it’s possible downside wicking will occur in Q1 2023.”
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The post Crypto Analyst Says Bitcoin Bear Market ‘Closer and Closer’ To End, Breaks Down Cardano and Two Other Altcoins appeared first on The Daily Hodl.
