A much-followed crypto analyst lays out a timeline for the end of the Bitcoin (BTC) bear market woes.
Pseudonymous analyst Rekt Capital updates their 329,600 followers on the current timeline of the BTC bear market versus last year’s bull market.
“It has been ~400 days since the BTC Bull Market peaked at $69,000
Which means this Bear Market is getting closer and closer to the end
Historically, BTC Bear Markets find their absolute bottom about 365 days after the previous Bull Market peak.”
With BTC trading at $16,831 at the time of writing, Rekt Capital pulls a line in the sand for the leading crypto by market cap.
“BTC Still Below ~$17150 Resistance (Blue)
A monthly close below ~$17150 would likely further confirm this level as resistance and send BTC back to ~$15400 lows
Another ~$15400 retest cannot hold, especially after such a weak reaction since November.
Next, the analyst turns his attention to Ethereum (ETH) rival Cardano (ADA). Unfortunately for ADA holders, Rekt Capital provides more problems for the smart contract platform.
“More downsides are likely to come for ADA as there is no major support for a while
The next major ADA support is $0.15
That is a decrease of -40% compared to current prices.”
Stretches Capital then looks like at Monero (XMR), a cryptocurrency specifically designed to make transactions untraceable.
“Ranged highs in the black range for ~1.5 years before distribution
XMR has since changed the Range Low to a new resistance to confirm the failure
Continued rejection here and XMR could revisit its historical accumulation range (green).
Finally, Rekt Capital analyzes Basic Attention Token (BAT), predicting that the privacy browser token could fall early next year in price.
“Challenging the perennial green Higher Low (HL) support now
Historically, Quarterly wicks under the HL preceded bottoms
If BAT closes 3 million above the green HL by the end of the year, then it is possible that there will be downward wicking in the first quarter of 2023.”
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