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.
With all the discussions I have been listening to, it feels like that we just witnessed sheer panic and capitulation.— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) June 15, 2022
People are questioning the whole promise of Web3 being flawed.
This all makes me "feel" that bottom(atleast local) is near.
PS : Not financial advise pic.twitter.com/iNvDlITAQd
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.
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.