Analyst Explained: “Crypto Markets Are Nearing Bottom Because…”

The crypto strategist who accurately predicted the 2018 bear market bottom explained that a single altcoin looks strong during the current correction.

The pseudonymous analyst known as Smart Contracter was surprised that the smart contract platform Binance Coin (BNB) held up so well against Bitcoin (BTC) during the last bear market. told.

“To me in 2017 [Ethereum]reminds of. When I start to open a long position thinking that we have reached the bottom, BNB will be one of them for me.”

At the time of writing, Binance Coin is trading at $213, down over 4% in the last 24 hours. As we mentioned, Smart Contracter has compiled a list of developments that indicate that the bottom of the bear market is near. At the top of the list is a tweet by economist Alex Krüger, which states that searches for “dead Bitcoin” on Google hit an all-time high over the weekend.

The Strategist also notes that the Fear and Greed Index shows six ratings, meaning “extreme fear.” The Fear and Greed Index measures market sentiment with values ​​ranging from 0 to 100. Values ​​between 0 and 24 indicate extreme fear, and scores between 25 and 49 indicate fear. A score between 51 and 74 indicates greed in the market, while a score above 75 indicates extreme greed.

The analyst also considers the news of surprising losses from crypto hedge fund Three Arrows Capital another sign that bottom is near.

Finally, Smart Contracter said last week that both BTC and top altcoin Ethereum (ETH) are going through a capitulation phase and are currently trading in a price area that it says offers strong support for the two leading cryptoassets by market cap.

You can check the price movements here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.

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