The Worst Of The Bearish Market Is Over As Market Conditions Tends To Improve
The bearish market has pretty much been around for a while now, and have we likely seen to the end of it? Has bitcoin reached he’s bottom? These are some questions we ask ourselves as an investor and also a trader, a popular analyst who was known for calling the last bearish market which occurred 2018 gave he’s projection on twitter which he says;
“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 made comparison of Tesla stock and Bitcoin performance and discovered that there is a strong price correlation between both looking at both charts he had this to say;
“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.”
He’s projecting that the second largest cryptocurrency asset Ethereum would break some ground which might to be too significant as it might move to trading between $1,260 to $1,280 on market price.
“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.”
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Okey, thanks @taskmaster4450le