The crypto strategist who accurately called the bottom of the 2018 bear market says he’s one altcoin looks strong during the current correction.
The pseudonymous analyst known as Smart Contracter tells his 208,500 Twitter followers he’s surprised how well smart contract platform Binance Coin (BNB) has held up against Bitcoin (BTC) during the latest bear market.
“Reminds me of [Ethereum] in 2017. When I do start longing with the intention of the bottom being in, BNB is gonna be one of ’em for me.”
Binance Coin is trading for $218.18 at time of writing, down over 2% in the past seven days.
Smart Contracter has compiled a list of developments he says indicate the bear market bottom is near. First on the list is a tweet from economist Alex Krüger, who notes that Google searches for “Bitcoin dead” hit all-time highs over the weekend.
The strategist also notes the Fear and Greed Index is displaying a six rating, which indicates “extreme fear.” The Fear and Greed Index measures market sentiment with values ranging from 0 to 100.
The analyst also thinks news of crypto hedge fund Three Arrows Capital’s staggering losses is another sign that the bottom is near.
Smart Contracter said last week that both BTC and top altcoin Ethereum (ETH) have gone through a capitulation phase and are now trading at a price area that he says offers strong support for the two leading crypto assets by market cap.