The cryptocurrency market has been bleeding heavily over the past several weeks, with many industry participants anticipating further short-term losses.
According to one popular analyst, though, the market bottom might have been reached since four of the biggest digital assets simultaneously flashed buy signals.
BTC, ETH, XRP, and SOL Move in Tandem
Ali Martinez believes the worst might already be behind us after reviewing the recent performance of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Solana (SOL). He revealed that the Tom DeMark (TD) Sequential Indicator (on a monthly scale) has flashed buy signals on these cryptocurrencies.
“On high-timeframe charts like the monthly, these trend-exhaustion setups carry significant weight. Historically, when multiple assets lock in concurrent monthly buy signals, it indicates seller fatigue and a high probability of a long-term market bottom,” he explained.
Other market observers who think that the cycle’s floor is near include X users Bark and Cup. The former claimed that the window to “buy crypto cheap is almost gone,” while the latter argued that the widespread bearish sentiment suggests the bottom is already in.
It is true that many think the bulls are likely to face more pain soon, with some even issuing doomsday predictions. Not long ago, Dave Portnoy (the founder and CEO of Barstool Sports) floated the idea that BTC might crash to zero. Prominent industry leaders dismissed his gloomy outlook, while some pointed out that cycle bottoms often align with peak pessimism, suggesting this could be one of those moments.
July Gives Hope
June has been a brutal period for the crypto market, with BTC, ETH, XRP, and SOL all finishing in the red. However, the current month has historically been favorable for many of these assets, and if history repeats itself, they can finally witness a decisive rebound.
BTC has ended July in the green 9 out of 13 times, XRP has done it 7 out of 12 times, whereas SOL has never recorded losses during this interval. What’s even more interesting is that Solana’s native token typically charts double-digit increases at this time of the year.
SOL Monthly Returns, Source: CryptoRank
ETH is the only cryptocurrency in the group that has ended July in the red more often than in profit.
