Forget All the Bitcoin Analysis Ever Done! The Famous Analyst Shared His Expectation!
Bitcoin (BTC) crypto currency analyst Smart Contracter, known for correctly detecting the bottom level in 2018, said that the largest crypto currency is on its way to a new bottom level in the middle of the bear market and is preparing for a significant price correction.
Bitcoin Is Preparing for a New Bottom
Anonymous crypto currency analyst Smart Contracter, more than 215 thousand Twitter followers Bitcoin’s current bear market of 15 bin 546 dollars from the bottom of the last rally will probably end, he said. “For now, I believe that this rise in BTC is part of a corrective ABC wave before a new bottom below 15 thousand dollars by the first quarter of 2023, when we will find a long-term bottom.” said.
Smart Contracter uses Elliott Wave theory, a technical analysis approach that tries to predict future price movements by following the psychology of market participants, which tends to manifest in waves. According to this theory, a downtrend consists of five waves, and the asset makes short price jumps during the second and fourth waves.
According to the analyst’s chart, Bitcoin seems to be on the last leg of the fourth wave leap and is preparing for a final run towards 18 thousand dollars. The analyst expects that BTC will then fall to complete the fifth wave and that this decline will continue until the target of about 14 thousand 500 dollars.
Bitcoin is trading at $16,829 at the time of this writing, which means that BTC will fall by over 15 percent if Smart Contracter reaches its bottoming target.
DXY Turned The Direction Up
Smart Contracter also closely follows the US dollar index (DXY), which it says gives bullish signals, stating that “There is a big reversal in the DXY today, this is not something you would want to see if you were bullish on cryptocurrencies. Even in the best case scenario, I think it will jump to around 108-109, which will probably cause the crypto currency market to fall.” said.
Investors keep a close eye on the DXY, as a strong index indicates that investors are taking refuge in the US dollar by selling risky assets such as Bitcoin and stocks.
“Bitcoin Made the Last Price Correction”
On the other hand, crypto currency analyst Credible, who is the practitioner of the famous Elliott Wave formation, believes that Bitcoin can rise above the resistance at 18 thousand dollars. The analyst told his more than 335 thousand Twitter followers that BTC is in an uptrend on the one-hour chart and looks ready for a big jump.
According to the Elliott Wave theory, an asset in an uptrend also passes through five waves, where the first, third and fifth waves are in an upward movement. Looking at the analyst’s chart, it seems that BTC completed the correction movement in the second wave at $ 16,400, and then ignited a third wave rise above $ 18,000.