- Chris Westphalen is using two charting patterns to determine his next buy-in points.
- Despite recent volatility in the crypto market, he’s still bullish on a year-end rally.
- But ethereum could drop to $2,690 and cardano to $1.85 before they both go to all-time highs, he says.
On Monday, the crypto sector saw red across the board. Bitcoin’s price dipped down to $41,744, the lowest since the first week of August. Altcoins trailed closely behind, with ether falling below $3,000 and cardano hitting about $2.
Analysts suggest the domino effect was likely triggered by news of China’s largest residential developer, Evergrande, potentially defaulting on its September debt payments. Investors scurried out of risk assets like stocks and crypto.
Meanwhile, the year’s final quarter is just around the corner, and it’s a period when the crypto market tends to experience bull runs; the surges leading to the $20,000 and $60,000 milestones originated in the fourth quarters of 2017 and 2020. The timing has investors standing between the cracks of an uncertain market and historical chart patterns.