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Polygon's Co-Founder Shares His (Moderately Optimistic) Take on This Market Cycle Bottom

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Wed, 06/15/2022 - 16:09
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Vladislav Sopov
DeFi veteran Sandeep Nailwal indicates reasons that make him "feel" that bottom is near
Polygon's Co-Founder Shares His (Moderately Optimistic) Take on This Market Cycle Bottom
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Sandeep Nailwal, one of the key figureheads of Ethereum's Web3 and co-founder and COO of Polygon Network (formerly Matic Network, MATIC), supposes that the market might be approaching its much-anticipated "bottom."

Polygon's Sandeep Nailwal: We witnessed panic and capitulation

Mr. Nailwal has taken to Twitter to share his views on what phase of the market cycle the Web3 sphere is currently going through. He says that panic and capitulation stages might already be in the rearview mirror.

He attached the well-known Psychology of Market Cycle scheme to display that "Anger" might be the next phase, and the last one before the real "bottom."

Mr. Nailwal also highlights that he spoke to a number of people who question the entire "promise" of Web3 as crypto market capitalization dips below $1 trillion.

As such, he foresees that the bottom—at least, the local one—might be somewhere near.

Technical analysis indicators agree

Some technical analysis indicators are speaking in favor of Mr. Nailwal's take. For instance, as covered by U.Today yesterday, June 14, 2022, Bitcoin reached the final point of the Elliott Wave ABC cycle.

Related
At Least 2 Indicators Show That Bitcoin Reached Bottom: Details

Since the 1970s, this indicator has been used to signal the bottom of market cycles for stocks and indexes.

Also, the number of searches for the "bear market" combination is plummeting. In 2018 and 2020, that observation meant that the bear market was entering its final phase.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)