While Bitcoin (BTC) and the wider crypto markets stumble, one popular crypto analyst sees an end in sight.
Over the past 24-hours, Bitcoin has dropped 6% and Ethereum (ETH) over 10%, reflecting the mood of the overall crypto markets, which have dipped 1% during that time.
Traditional and digital asset markets have undergone massive selloffs due to interest rate hike speculation from the U.S. Federal Reserve.
The market crash comes as a surprise to many traders. However, the widely-followed crypto analyst Capo believes the bottom is near.
“Reading very bearish comments today.
Bottom is close.”
Capo points to the price action of altcoins like Cardano (ADA) to support his argument that the bottom is close but not in yet.
“One of the main reasons why I think [the] bottom is not in yet is because many alts like ADA haven’t taken the lows yet.”
Looking at leading smart contract platform Ethereum, Capo also sees the price driving lower before reaching new all-time highs.
“ETH was kinda scary and it still is.
Be careful trying to catch the dips, because a wick below $3,000 is possible.
Bottom is not in yet.”
Capo also highlights the $40,000 range as crucial BTC support.
“Also, altcoins against BTC look bearish on lower timeframes, so BTC should hold better the last leg down.
Not expecting lower than 40k.”
Still, Capo urges his followers to remain optimistic that the bull market will continue.
“Note: this is not the end of the bull market, but the end of the mini bear market that we just had.
Dips are for buying (being cautious).”
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Source: https://dailyhodl.com/2022/01/06/bottom-is-close-for-bitcoin-and-ethereum-according-to-popular-crypto-analyst-heres-how-low-the-markets-could-go/