A broadly adopted crypto analyst is laying down a timeline for the top of the Bitcoin (BTC) bear market woes.
Pseudonymous analyst Rekt Capital updates their 329,600 followers on the present BTC bear market timeline relative to final 12 months’s bull market.
“It’s been ~400 days because the BTC Bull Market peak at $69,000
Which implies that this Bear Market is getting nearer and nearer to ending
Traditionally, BTC Bear Markets discover their absolute backside value roughly twelve months after the earlier Bull Market peak.”
With BTC buying and selling for $16,831 at time of writing, Rekt Capital draws a line within the sand for the main crypto by market cap.
“BTC nonetheless under the ~$17150 resistance (blue)
A Month-to-month Shut under ~$17150 would seemingly additional verify this stage as resistance & ship BTC again to ~$15400 lows
One other retest of ~$15400 might fail to carry, particularly after such a weak response since November.”
Subsequent, the analyst turns their consideration to Ethereum (ETH) rival Cardano (ADA). Sadly for ADA holders, Rekt Capital foresees extra hassle for the sensible contract platform.
“Nonetheless extra draw back prone to come for ADA as there isn’t a main assist under for some time
The subsequent main assist for ADA is at $0.15
That’s a -40% drop from present costs.”
Rekt Capital then looks at Monero (XMR), a cryptocurrency particularly designed to make transactions untraceable.
“Ranged at highs within the black vary for ~1.5 years earlier than distributing
XMR has since turned the Vary Low into new resistance to verify the breakdown
Continued rejection right here & XMR might revisit its historic Accumulation Vary (inexperienced).”
Lastly, Rekt Capital analyzes Primary Consideration Token (BAT), predicting that the privateness browser token could drop in value early subsequent 12 months.
“Now difficult the multi-year inexperienced Larger Low (HL) assist
Traditionally, Quarterly wicks under the HL have preceded bottoms
If BAT 3 million closes above the inexperienced HL by finish of 12 months, then it’s doable draw back wicking will happen in Q1 2023.”
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