A widely followed cryptanalyst is establishing a timeline for the end of Bitcoin (BTC) withstand market problems.
Pseudonymous analyst Rekt Capital updates his 329,600 followers on the current timeline of the BTC bear market relative to last year's bull market.
“It has been ~400 days since the peak of the BTC bull market at $69,000
Which means that this bear market is getting closer to ending.
Historically, BTC bear markets find their absolute price floor approximately 365 days after the previous bull market peak."
With BTC trading for $16,831 at the time of writing, Rekt Capital giveaways a line in the sand for the leading crypto by market cap.
“BTC still below ~$17150 resistance (blue)
A monthly close below ~$17150 would likely further confirm this level as resistance and send BTC back to the ~$15400 lows.
Another retest of ~$15400 may fail, especially after such a weak reaction since November."
Next, the analyst turns his attention to Ethereum (ETH) rival Cardano (ADA). Unfortunately for ADA holders, Rekt Capital foresees more problems for the smart contract platform.
“There will still likely be more downsides for ADA as there is no major support next for a while
The next big support for ADA is at $0.15
That is a -40% drop from current prices.”
Rect Capital then sight in Monero (XMR), a cryptocurrency specifically designed to make transactions untraceable.
“It oscillated at highs in the black range for ~1.5 years before distributing
XMR has since turned the range low into new resistance to confirm the collapse
Continued rejection here and XMR could revisit its historical accumulation range (green).”
Finally, Rekt Capital analyzes the Basic Attention Token (BAT), predicting that the privacy browser token could fall in price early next year.
“Now challenging multi-year green support Higher Low (HL)
Historically, quarterly wicks below the HL have preceded bottoms
If BAT 3 million closes above the green HL by the end of the year, then a drop to the downside in Q1 2023 is possible."
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