A crypto analyst who goes by the alias MacBTC says the altcoin market is close to hitting a bottom.
Mac tells his 23,000 followers on Twitter that he’s long Bitcoin and predicts altcoin traders will capitulate in a final round of panic selling in a couple of weeks. After capitulation, traders may begin to see long-term buying opportunities.
“Short BTC pairs. Long Bitcoin. Real alt capitulation starts in 2 weeks. Feel free to countertrade me.”
For Ethereum in particular, Mac is calling for another 22% drop against Bitcoin before a sustainable turnaround can begin. The price of ETH has already fallen 44% from its 2019 high of $349.47.
As for Bitcoin, analyst Josh Rager says $10,977 is now a key level of resistance, and a break above that line would signal the beginning of a new bull run for the leading cryptocurrency.
At time of publishing, Bitcoin is down 5.43% at $10,208 according to CoinMarketCap. Rager believes BTC is likely in a lengthy accumulation phase after nearly reaching $14,000 in late June.
“IMO, this seems just like one large re-accumulation happening after large players took profits near $14k. Price could drop down again but it’s highly unlikely it falls below the 20 MA (blue line) at high $8ks now ATM, I’ll take my chances at scaling in slowly week by week.”
Have been away from charts mostly this week
Bitcoin possibly just made it's next lower high after rejecting of 20MA on daily and short term trend line breakdown
Currently bouncing off long term trend line and wanting to watch a close above $10,200 pic.twitter.com/PJ2HXJ0ixE
— Josh Rager 📈 (@Josh_Rager) August 21, 2019