In a recent post, investor Chris Burniske expressed the belief that a bottom is looming for the top cryptocurrencies. Burniske predicts that Bitcoin and Ethereum could dip as low as $20,000 and $1,000, respectively, with top altcoins, except Solana (SOL), hitting new lows.
Notably, BTC retraced from $28,000 to slightly above $27,600, with ETH seeing a similar decline in the past few days.
Crypto Analysts Predicts Market Bottom Ahead Of Bull Run
According to the founder of Placeholder Capital, Chris Burniske, a bull market will likely begin soon. However, the analyst believes the upcoming bull run will be preceded by a bottom cycle in the present financial quarter (Q4 2023). Furthermore, Burniske believes that this bottom will lead to declining crypto prices.
According to his analysis, fear is high but only temporarily, as sellers are exhausted. Burniske believes the predicted lows for the top cryptocurrencies will present attractive buying opportunities in preparation for the upcoming bull market.
Fear is high, but temporally and price-wise, selling exhaustion is near imo. Sure $BTC could go to low $20Ks & $ETH to low $1Ks & most everything long-tail (except $SOL) can hit new lows, but when we look back on Q4 2023 & Q1 2024 it’ll be clear it was a good time to be a buyer. https://t.co/I6hpKCw1Q8
— Chris Burniske (@cburniske) October 4, 2023
The crypto analyst supported his predictions with Linear charts, stating that it is easy to spot tops and bottoms with such charts. For context, Linear charts show the change in the price of an asset. Burniske believes it is up to traders to choose their accumulation style with patience and persistence.
What Lies Ahead For Bitcoin And Ethereum?
Bitcoin trades at $27,697, with a 0.56% price increase in the last 24 hours. Ethereum’s, on the other hand, is $1,639, with a 0.45% 24-hour decline.
Meanwhile, BTC has encountered stiff resistance at $28,000, leading to a decline to $27,000 in the last few days. The asset formed a bottom on the daily chart on September 11 before the buyers forced a price recovery.
Although BTC recovered slightly, the sellers have continued to re-enforce the $28,000 resistance. If the selling pressure increases, a decline to the $25,141 support level is possible in the coming days.
Moreover, the green MACD Histogram bars have faded, confirming a drop in buying pressure as sellers reclaim…
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