Analyst who predicted the “bottom” of 2018: The worst of the bear market is over

Analyst who predicted the “bottom” of 2018: The worst of the bear market is over


Popular crypto trader known for pinpointing the bottom of the 2018 Bitcoin (BTC) price cycle says the worst bear market period has come to an end

Cryptocurrency analyst known by the pseudonym Smart Contracter tells his 217,400 Twitter followers that while the start of the new year may bring a new low, market conditions will soon start to improve:

“The worst of the cryptocurrency bear market is behind us, we may yet see a new low in [первом квартале 2023 года], but with FTX filing for bankruptcy and a capital collapse of around $2 trillion, it’s probably safe to assume that most of the crypto industry carnage is over. Until better times”

He also says that there is a strong price correlation between tech stocks and bitcoin, but this relationship is even more pronounced when comparing the value of Tesla shares and bitcoin.

“Cryptocurrency has been linked to technology for most of the last few years, but the BTC chart superimposed on TSLA is actually crazy.”

At the time of writing, the price of bitcoin was in the region of $16,829

As for Ethereum (ETH), the analyst says the smart contract platform is testing horizontal resistance at $1,226 but could break through to a new price range of $1,260 to $1,280.

“It looks like ETH is finally hitting that 4-hour horizontal resistance, hopefully this terrible low volatility period is finally over. I would like to test the upper channel at around $1260-$1280.”

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