Top Analyst Smart Contracter: Bitcoin, Ethereum Bottom Is Almost In
According to a crypto analyst, known as Smart Contracter, Bitcoin (BTC) and Ethereum (ETH) are close to printing cycle lows.
The analyst, who correctly called the bottom during the 2018 bear market, shared with his 208.2K Twitter followers that both BTC and ETH have gone through a capitulation phase and are now trading at a price area which has strong support for the duo.
“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.”
#btc and $eth are both at their weekly respective 200 week moving averages, bottom is very very close imo, maybe marginal new lows on lower timeframes but this is the spot to start accumulating imo.
At time of writing, Bitcoin is trading for $22,643 and Ethereum for $1,232.
Smart Contracter notes that historically 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.”
Source: Smart Contracter/Twitter
The analyst doesn’t believe that Bitcoin will go through another 80% pullback, 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 % drawdown from the top each bear will be. Amount of dollars wiped out already surpasses 2018 by a mile.”
The whole crypto market cap is currently valued at $968 billion, roughly 70% down from its $3 trillion all-time high.
