A widely watched cryptocurrency analyst has set a timeline for the end of the Bitcoin (BTC) bear market.
Pseudonym Analyst Rekt Capital update 329,600 followers in the current BTC bear market timeline compared to last year’s bull market.
“It has been almost 400 days since the BTC bull market peaked at $69,000.
This means that this bear market is nearing its end.
Historically, BTC bear markets find absolute bottoms about 365 days after the previous bull market peak. “
BTC is trading at $16,831 at the time of writing, Rekt Capital draw A line in the sand of major cryptos by market cap.
“BTC is still below the $17,150 resistance (blue)
A monthly close below $17,150 could further confirm this level as resistance and push BTC back to $15,400 lows.
Another retest to $15,400 may not hold, especially after the weak reaction since November. ”
Next, analysts turn their attention to Ethereum (ETH) rival Cardano (ADA). Unfortunately for ADA holders, Rekt Capital Foresight Further issues with smart contract platforms.
“A further decline is possible for the ADA as there is no major support below for some time
ADA’s next major support is $0.15
This is a 40% drop from the current price. “
After Rect Capital appear Monero (XMR) is a cryptocurrency specially designed to make transactions untraceable.
“For about 1.5 years prior to distribution, the highest values were in the black range
XMR then changed the range low to a new resistor and confirmed the failure
Still getting rejected here, XMR may revisit the past cumulative range (green). “
Finally, Rekt Capital analyzed the Basic Attention Token (BAT) and found that the privacy browser token was may drop at the price of early next year.
“We are currently challenging a multi-year green Higher Low (HL) support.
Historically, Quarterwick below the HL preceded the bottom.
If Bht3m closes above the Green HL by the end of the year, there could be a downside in Q1 2023. “
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