A widely followed crypto analyst lays out a timeline for the end of the Bitcoin (BTC) market woes.
Pseudonymous analyst Rekt Capital updates their 329,600 followers on the current timeline of the BTC market versus last year’s bull market.
“It’s been ~400 days since the peak of the BTC Bull Market at $69,000
Which means this Bear Market is coming to an end
Historically, BTC Bear Markets find their absolute lowest price roughly 365 days after the previous Bull Market peak.
With BTC trading for $16,831 at the time of writing, Rekt Capital pulls out a line in the sand for the leading cryptocurrencies by market capitalization.
“BTC Still Below ~$17150 Resistance (Blue)
A monthly close below ~$17150 would likely further confirm this level as resistance and bring BTC back to the ~$15400 low
Another retest of ~$15400 may fail, especially after such a weak reaction since November.
Next, the analyst turns his attention to Ethereum (ETH) rival Cardano (ADA). Unfortunately for ADA’s owners, Rekt Capital predicts more problems for the smart contract platform.
“More downside is likely to come for ADA as there is no major support underneath for a while.”
The next big support for ADA is $0.15
That’s a -40% drop from current prices.”
Rect Capital then appearance in Monero (XMR), a cryptocurrency specifically designed to make transactions seamless.
“Ranged at the highest level in the black range ~1.5 years before the distribution
XMR has since converted the low range to a new resistance to confirm the failure
Continued decline here and KSMR could revisit its historical accumulation range (green).”
Finally, Rekt Capital analyzes the Basic Attention Token (BAT), predicting that the privacy browser token will could fall in the price at the beginning of next year.
“Now challenging multi-year green support for more low (HL).
Historically, quarterly wicks below HL have preceded bottoms
If the BAT 3M closes above the green HL by the end of the year, then it is possible that there will be an outflow in Q1 2023.
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