Popular cryptoanalyst finds window for Bitcoin (BTC) bottom, claims Ethereum (ETH) faces resistance
A widely followed crypto trader looks at historical Bitcoin (BTC) bull markets to create a window for the bottom of the bear market.
Pseudonymous digital asset analyst Rekt Capital says their 329,000 Twitter followers that it has been over 300 days since BTC’s November 2021 peak.
“When BTC peaked in the 2013 Bull Market, it took BTC 413 days to bottom.
When BTC peaked in 2017, it took BTC 364 days to bottom.
It has been 333 days since the peak in November 2021.
These numbers suggest that a BTC bottom should take place in the next 1-3 months.
Digs into the charts, Rekt Capital claims the royal crypt is currently at a persistent resistance level.
“BTC is right back in this multi-month resistance.”
Bitcoin is trading at $20,000 on the dot at the time of writing. The largest cryptocurrency by market capitalization is down 71% from its November 2021 all-time high of $69,000.
Rekt Capital is also looking at the leading smart contract platform and second largest crypto by market capitalization, Ethereum (ETH). Just like BTC, Rect looking Ethereum is currently at a crossroads of resistance.
“Blue circle shows that ETH is at the orange resistance, which was once considered strong support
If ETH is able to regain the top of the orange box as support, a move to the black Lower High could be on the cards
Until then, ETH is in resistance.”
ETH is trading at $1,360 at the time of writing, down 72% from its November 2021 record high of $4,878.
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Featured image: Shutterstock/wangmando/phanurak rubpol
