Crypto analyst who nailed Bitcoin’s bottom in 2018 says the worst of the bear market is over, but there’s a catch

[ad_1]

A popular crypto trader known for accurately calling the 2018 Bitcoin (BTC) cycle low says the worst of the bear market is over.

Pseudonymous crypto analyst Smart Contracter tells his 217,400 Twitter followers that while the start of the new year may bring a new low, market conditions will begin to improve.

The worst of the crypto bear market is behind us, we could still see a new low in [the first quarter of 2023] but with FTX filing for bankruptcy and an estimated $2 trillion in wealth destruction, it’s probably safe to assume that most of the crypto carnage is behind us. Long live better times.

He also says that there is a strong price correlation between tech stocks and Bitcoin, but this relationship is even more pronounced when comparing the performance of Tesla stock to that of Bitcoin.

Crypto has been correlated with technology for most of the past few years, but the BTC chart overlaid on TSLA is actually crazy.

Source: Smart Contracter/Twitter

At the time of writing, Bitcoin is valued at $16,828.

Regarding Ethereum (ETH), he says that the smart contract platform is testing horizontal resistance at $1,226 but could reach a new price range between $1,260 and $1,280.

Looks like ETH is finally tackling that 4h horizontal resistance, hopefully that horrible low volatility holiday period is finally over. I would love an upper channel test around $1260-$1280.

Source: Smart Contracter/Twitter

At the time of writing, Ethereum is changing hands at $1,254.

Don’t miss a beat Subscribe to receive crypto email alerts straight to your inbox Check price action Follow us on Twitter, Facebook and Telegram Surf The Daily Hodl Mix Check the latest headlines Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Generated Image: Midjourney

[ad_2]