The crypto strategist who accurately called the bottom during the 2018 bear market says Bitcoin (BTC) and Ethereum (ETH) are close to printing this cycle’s lows.
Pseudonymous analyst Smart Contracter tells his 208,000 Twitter followers both BTC and ETH have gone through a capitulation phase and are now trading at a price area that he says offers strong support for the two leading crypto assets by market cap.
“BTC and ETH are both at their weekly respective 200-week moving averages. Bottom is very, very close in my opinion, maybe marginal new lows on lower timeframes but this is the spot to start accumulating in my opinion.
This is pure unadulterated capitulation.”
At time of writing, Bitcoin is trading for $22,054.
At time of writing, Ethereum is changing hands for $1,215.
According to Smart Contracter, the 200-week moving average has marked bear market bottoms for Bitcoin in the past eight years.
“BTC has bottomed 4x at the 200-week moving average dating back to 2014. Probably safe to assume it’s a pretty strong level. Sure we can wick below it but there’s also still six days left in the week.”
Smart Contracter also says he doesn’t believe Bitcoin will endure another 80% drawdown, which happened during the 2014 and 2018 bear markets, as crypto has already obliterated trillions of dollars in market cap this cycle.
“I personally feel the higher each cycle goes, the less the percentage drawdown from the top each bear [market] will be. [The] amount of dollars wiped out already surpasses 2018 by a mile.”
The entire crypto market cap is currently valued at $920 billion, down about 70% from its all-time high of $3 trillion.
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