A widely followed crypto trader is looking at historical Bitcoin (BTC) bull markets to carve out a window for the bear market bottom.
Pseudonymous digital assets analyst Rekt Capital tells their 329,000 Twitter followers that it has been over 300 days since the BTC’s November 2021 peak.
“When BTC peaked in the 2013 Bull Market, it took BTC 413 days to bottom.
When BTC peaked in 2017, it took BTC 364 days to bottom.
It’s been 333 days since the November 2021 peak.
These figures suggest a BTC bottom should take place in the next 1-3 months.”
Digging into the charts, Rekt Capital claims the king crypto is currently at a sustained resistance level.
“BTC is right back at this multi-month resistance.”
Bitcoin is trading for $20,000 on the dot at time of writing. The largest crypto by market cap is down 71% from its November 2021 all-time high of $69,000.
Rekt Capital also looks at the leading smart contract platform and second-largest crypto by market cap, Ethereum (ETH). Just like BTC, Rekt sees Ethereum as currently at a crossroads of resistance.
“Blue circle shows that ETH is at the orange resistance, which once before figured as strong support
If ETH is able to reclaim the top of the orange box as support, then a move to the black Lower High could be on the cards
Until then, ETH is at resistance.”
ETH is trading for $1,360 at time of writing, down 72% from its November 2021 all-time high of $4,878.
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Featured Image: Shutterstock/wangmando/phanurak rubpol
