Analysis

Crypto Trader Who Nailed 2018 Bear Market Bottom Says Bitcoin and Ethereum Very Close To Pivotal Moment

The crypto strategist who precisely known as the underside throughout the 2018 bear market says Bitcoin (BTC) and Ethereum (ETH) are near printing this cycle’s lows.

Pseudonymous analyst Good Contracter tells his 208,000 Twitter followers each BTC and ETH have gone via a capitulation part and are actually buying and selling at a worth space that he says presents sturdy assist for the 2 main crypto property by market cap.

“BTC and ETH are each at their weekly respective 200-week transferring averages. Backside could be very, very shut in my view, possibly marginal new lows on decrease timeframes however that is the spot to start out accumulating in my view.

That is pure unadulterated capitulation.”

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Supply: Smart Contracter/Twitter

At time of writing, Bitcoin is buying and selling for $22,054.

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Supply: Good Contracter/Twitter

At time of writing, Ethereum is altering palms for $1,215.

In accordance with Good Contracter, the 200-week transferring common has marked bear market bottoms for Bitcoin up to now eight years.

“BTC has bottomed 4x on the 200-week transferring common courting again to 2014. In all probability secure to imagine it’s a fairly sturdy degree. Certain we are able to wick beneath it however there’s additionally nonetheless six days left within the week.”

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Supply: Good Contracter/Twitter

Good Contracter additionally says he doesn’t imagine Bitcoin will endure one other 80% drawdown, which occurred throughout the 2014 and 2018 bear markets, as crypto has already obliterated trillions of {dollars} in market cap this cycle.

“I personally really feel the upper every cycle goes, the much less the share drawdown from the highest every bear [market] might be. [The] quantity of {dollars} worn out already surpasses 2018 by a mile.” 

The complete crypto market cap is at present valued at $920 billion, down about 70% from its all-time excessive of $3 trillion.

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