A popular crypto trader known for accurately calling the bottom of the 2018 Bitcoin (BTC) cycle says the worst of the bear market has come to an end.
Pseudonymous crypto analyst Smart Contracter tells his 217,400 Twitter followers that even though the start of the new year may bring a new low, market conditions will start to 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 that there is a strong price correlation between tech stocks and Bitcoin, but that relationship is even more pronounced when comparing the performance of Tesla stock to 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.”
At time of writing Bitcoin is valued at $16,828.
Looking at Ethereum (ETH), he says that the smart contract platform is testing horizontal resistance at $1,226 but could break through to a new price range between $1,260 and $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.”
At time of writing, Ethereum is changing hands at $1,254.
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