Analyst Warns Crypto Traders, Says Massive Bitcoin Pullback Is Likely – Here Are His Targets
A popular cryptoanalyst and trader believes that Bitcoin (BTC) is likely to undergo a significant corrective move in the coming months.
Pseudonym analyst Smart Contractor says his 220,500 Twitter followers that Bitcoin is likely headed for a major retracement after the royal crypt rallied over 60% from its 2022 low of around $15,500.
“After that [sharp pull back on the] daily [chart]I’m pretty sure the five wave rally from the lows is now complete.
Expect a multi-month pullback to around $19,000 where absolutely everyone gets chopped to bits and wishes they stopped trading.
Would like to upload long term longs below $20,000 BTC.”
Smart Contractor uses the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset is due for a pullback after completing a five-wave wave.
After the correction, the crypto strategist predicts a strong Bitcoin rally to $30,000.
Bitcoin is trading at $24,545 at the time of writing.
Although Smart Contractor is bearish on Bitcoin, widely followed analyst Michaël van de Poppe is says his 648,300 Twitter followers that BTC’s upward trajectory is likely to continue if bulls manage to hold the kingpin above a key support level.
“Bitcoin corrects after hitting final resistance before $30,000.
It’s not bad, it’s normal.
I would look at $22,800 as a crucial support to sustain and then we will make higher lows again for continuation.”
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