Crypto Analyst Predicts Market Bottom Ahead of Bull Run
Investor Chris Burniske believes that the top cryptocurrencies, Bitcoin and Ethereum, are approaching a bottom cycle before a bull market begins. Burniske predicts that Bitcoin could dip as low as $20,000 and Ethereum could drop to $1,000. He also suggests that most altcoins, except for Solana (SOL), may hit new lows. Despite the current high levels of fear in the market, Burniske believes that sellers will soon exhaust their selling pressure, creating attractive buying opportunities.
Linear Charts Support Predictions
Burniske supports his predictions with Linear charts, which make it easier to identify tops and bottoms in asset prices. He advises traders to exercise patience and persistence in choosing their accumulation strategy during this bottom cycle.
Bitcoin’s Resistance and Potential Decline
Bitcoin is currently trading at $27,697 with a 0.56% increase in the last 24 hours. It has encountered strong resistance at $28,000, leading to a decline to $27,000. If selling pressure increases, Bitcoin may drop further to the $25,141 support level. The fading green MACD Histogram bars indicate a decrease in buying pressure, while the dropping RSI suggests a potential downtrend. A decline to the support level could initiate a bull cycle.
Ethereum’s Similar Price Trend
Ethereum is following a similar price trend as Bitcoin. It is currently trading at $1,639 with a 0.45% decline in the last 24 hours. Like Bitcoin, Ethereum is in a downtrend on the daily chart and may return to the $1,551 support level before another rally. The weak buy signal from the MACD and the dropping RSI indicate a potential further decline before a recovery.
Hot Take: Bottom Cycle Presents Buying Opportunities
According to investor Chris Burniske, the top cryptocurrencies are approaching a bottom cycle, which may result in lower prices. However, he believes that this presents attractive buying opportunities for traders preparing for the upcoming bull market. Burniske’s predictions are supported by Linear charts, indicating potential tops and bottoms in asset prices. Both Bitcoin and Ethereum face resistance and the possibility of further declines before a recovery. Traders should exercise patience and persistence in choosing their accumulation strategy during this period.
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