The crypto expert who pinpointed the bottom during the 2018 bear market says Bitcoin (BTC) and Ethereum (ETH) are close to reaching this cycle low.
Analyst Smart contracter talk to 208.000 his Twitter followers, both BTC and ETH have gone through a speculative phase and are currently trading in a price zone he says is strong support.
“BTC and ETH are both at the 200-week moving average, in my view the bottom is very, very close, this is the point to start accumulating.”
According to Smart Contracter, the 200-week moving average has marked bottom level bear market for Bitcoin in past eight years.
“BTC has bottomed” 4 times at the 200-week moving average since year 2014. It's probably safe to assume that's a pretty strong level.”
Smart Contracter also said he doesn't believe Bitcoin will suffer another 80% drop, as the cryptocurrency has lost ground. trillions of dollars market capitalization in this cycle.
“Personally, I feel that with each cycle there is less percentage drop from the top. The amount of dollars wiped out past 2018.”
The entire cryptocurrency market capitalization is now valuable 920 billion dollars, down about 70% from an all-time high of $3 trillion.