It has been revealed that Bitcoin and Ethereum selling exhaustion might be near. Check out the latest reports about the prices of the digital assets below.

Bitcoin and Ethereum selling exhaustion

According to Chris Burniske, a leading venture capitalist in digital assets, the top cryptocurrencies by market cap may have reached their bottom.

In a post on the social media platform X, Burniske suggests that a bull market is on the horizon and that the current financial quarter may be the cycle bottom for crypto prices.

Although fear is widespread, Burniske believes that selling exhaustion is imminent. He predicts that BTC could drop to the low $20,000s and ETH to the low $1,000s.

However, he is confident that by Q4 2023 and Q1 2024, it will be clear that this was an excellent time to buy.

Burniske adds that linear charts of several crypto assets indicate that the market bottom is forming. Linear charts track the absolute price of an asset, while logarithmic charts track the percentage increase or decrease in an asset’s value.

“To not overcomplicate, I’ll look at the long-term, linear charts. Just as it’s easy to spot tops with those, it’s easy to spot the general bottom range. From there, it’s all about your own style of accumulation, with patience and persistence being commonalities of bottom-feeders.”

The trader observes the Ethereum (ETH) chart and notes that it has experienced a sudden dip. However, it is currently retesting the 200-week simple moving average (SMA) and the 200-week exponential moving average (EMA) as support.

These are important indicators that traders rely on to identify market trends. At the time of writing, ETH is trading at $1,649, which is a 0.7% increase in the last 24 hours.

A drop in price for BTC and ETH would mean that we’re getting closer to accumulation time, and this always brings joy to investors.

Leave a Comment