Quantitative investment firm Starkiller Capital on Friday declared that the crypto cycle has bottomed, calling Bitcoin and Ethereum the clearest end-of-cycle setup it has seen.
Why Starkiller Says the Cycle Has Turned?
Starkiller Capital wrote in a research note that both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are back above their 200-day moving averages for the first time since the end of the last cycle, after peak-to-trough drawdowns of 54% and 70% respectively.
Every prior time Bitcoin has reclaimed this level, it has marked the end of the bear market.
The firm closed the entire short side of its book last month, a decision it called the clearest expression of its conviction.
