Bitcoin and ETH low point? According to analyst Capo is this a potential low

While Bitcoin and the broader crypto markets are struggling, one popular analyst foresaw the end of that decline.

Over the past 24 hours, Bitcoin is down nearly 4% and ETH is down more than 7%, reflecting general market sentiment, with total capitalization down 1% over that time.

The digital and traditional asset markets are seeing massive sell-offs as the US Federal Reserve considers a rate hike.

The market crash surprised many traders. However, analyst Capo believes a low is near. Brothers tweets on June 1st:

“Today I read very negative comments. The ground is close. ”

Capo points to the price development of altcoins like ADA to support the argument that prices are very close to a low point, but have not yet touched it.

“One of the main reasons I think the bottom has not yet been reached is that a lot of altcoins like ADA have not yet hit their lows.”

The source: CryptoCapo

Looking at the native token of the leading smart contract platform Ethereum, Capo also sees ETH dropping before it hits a new all-time high (ATH).

“ETH was really scary and it still is. Be careful and try to catch the dips as a wick under $ 3,000 is possible. Haven’t hit the ground yet. ”

The source: CryptoCapo

Capo also highlighted the $ 40,000 range as critical support for BTC.

“Also, the ALT / BTC pairs look bearish on the lower timeframe, so BTC might hold up better on the final leg. Expect no less than $ 40,000. ”

On the other hand, Capo phone call Supporters remain bullish as the bull market will continue.

“Note: This is not the end of the bull market, but the end of the mini bear market that we just had. The fall in prices is for buying (cautious) ”.

Bitcoin will not fall any lower

Cryptocurrency research firm CryptoQuant has a similar view, believing that Bitcoin could be at a tipping point near a price point where it is unlikely to continue falling.

https://twitter.com/cryptoquant_com/status/1478632252452274176?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“The average price decline could suggest that Bitcoin is near the point where most declines normally stop.”

KryptoQuant to say The recent drop in prices from around $ 52,000 to around $ 46,000 shows that the leading cryptocurrency is “just on the edge where most declines usually stop”.

Bitcoin spent 68% of the time fluctuating 40% to 85% lower than ATH, according to the analytics firm – the typical time it takes for an asset to get the most out of it worldwide. The global maximum is the maximum loss that arises from the moment the asset’s value of ATH hits a low point before a new ATH is hit.

Bitcoin pegged its latest ATH near $ 69,000 in November 2021, but is currently trading at $ 41,647 at press time.

CryptoQuant also notes that stablecoin supply on the exchanges is picking up again after a recent decline.

“Our stablecoin diagram shows that between December 25, 2021 and December 29, 2021 there were fewer stablecoins on the exchanges. The stablecoin supply has continued to increase since December 30, 2021, which shows the increasing demand for stablecoins. ”

The analyst added that the whale activity since the beginning of the year has been a relief from selling pressures.

“Finally, our 30-day average hourly rate for whales is trending downwards, showing gradually less sales pressure since January 2nd, 2022.”

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