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.”