Top crypto strategist predicts strong rallies for Bitcoin (BTC) and Ethereum (ETH) – but there’s a catch
A popular crypto analyst who found Bitcoin’s 2018 bottom believes that BTC and Ethereum (ETH) are preparing for steep price increases.
Pseudonymous analyst Smart Contractor tells his 210,900 followers that Bitcoin has completed a five-wave rally on the four-hour chart and is now likely poised for a corrective move back to the $20,000 level.
“Nice five-wave rally from the four-hour lows for BTC. I’ll look to extend the pullback below $20,500 over the next few days.”
Smart Contractor’s analysis is based on the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest itself in waves. According to the theory, an asset’s trend reverses after completing a five-wave rally.
While Smart Contractor is short-term bearish on BTC, he believes that Bitcoin could cut a cycle bottom.
“I can also see a higher time frame/double bottom weekly swing failure pattern forming… At least, [I’m targeting] the range peaks weekly around $24,000-$25,000.”
At the time of writing, BTC is changing hands at $22,156, up over 2% on the day.
Looking at Ethereum, Smart Contractor predicts a sharp pullback for the leading smart contract platform before putting together a steep rally towards its $2,400 target.
“The ETH C wave down is now likely underway, correcting the five-wave rally from the July low.”
At the time of writing, Ethereum is trading at $1,687, down over 2% in the last day.
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