The popular crypto trader, known for pinpointing the bottom of the 2018 Bitcoin (BTC) cycle, says the worst of the bear market is over.
Pseudonym Cryptographic Analyst Smart Contracter To tell His 217,400 Twitter followers say market conditions are starting to improve, even as the start of the new year could bring new lows.
“The worst of the crypto bear market is past. [the first quarter of 2023] But with FTX filing for bankruptcy and destroying nearly $2 trillion in wealth, it’s probably safe to assume that most of the crypto carnage is a thing of the past. Cheers to better times. ”
He also To tell While there is a strong correlation between tech stocks and Bitcoin, the correlation becomes even more pronounced when comparing the performance of Tesla stock to Bitcoin.
“Crypto has been correlated with technology for the past few years, but the BTC chart overlaid on TSLA is actually insane.”
At the time of writing, Bitcoin is worth $16,828.
Looking at Ethereum (ETH), he To tell The smart contract platform is testing horizontal resistance at $1,226 but could break out to a new price range between $1,260 and $1,280.
“ETH looks like it has finally hit its 4-hour horizontal resistance. Hopefully this dreaded low volatility holiday period is finally over.
At the time of writing, Ethereum is trading at $1,254.
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