Popular crypto trader, known for correctly predicting the bottom of 2018 Bitcoin (BTC), cycle, has declared that the worst of the bear markets is over.
Smart Contracter, pseudonymous crypto analyst tells His 217,400 Twitter followers said that although the start of a new year might bring new lows, market conditions will improve.
“The worst of the crypto bear market is behind us, we may yet see a new low in [the first quarter of 2023] but with FTX filing for bankruptcy and a wealth destruction of around $2 trillion it’s probably safe to assume most of the carnage in crypto is behind us. Cheers to better times.”
He also says It is clear that tech stocks and Bitcoin have strong prices. However, this relationship is more evident when you compare Tesla stock performance with Bitcoin.
“Crypto has been correlated to tech for the most part of the last few years but the BTC chart overlayed on TSLA is actually crazy.”
Bitcoin’s current value is $16,828 at the time of writing
Ethereum (ETH), he says The smart contract platform is currently testing horizontal resistance at $1.226. However, it could break through to a new price range of $1,260-1,280.
“Looks like ETH is finally taking a stab at that 4h horizontal resistance, hopefully, this god-awful low volatility holiday period is finally over. Would love for an upper channel test at around $1,260-$1,280.”
Ethereum currently trades at $1,254 as of the time of writing
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