Crypto Analyst Who Nailed 2018 Bitcoin Bottom Leaning Bullish on ‘Wilched’ Altcoins – Here’s Why
A popular crypto analyst known for calling the bottom of 2018 Bitcoin (BTC) says altcoins could swing bullish after most of their gains this year were just erased.
The pseudonymous analyst Smart Contractor says his 221,300 Twitter followers as Bitcoin and Ethereum (ETH) find support after falls, indicating a possible relief rally will happen in the crypto markets in the coming weeks.
“Unlike last week’s bear flag collapse on BTC and ETH, this one is immediately bought back up, indicating fake outs. Maybe it was time for a few weeks of relief, it might be time to extend some of the alts that were just wiped out.”
Ethereum is trading at $1,537 at the time of writing.
Smart contractor says that Bitcoin showed a bearish pattern down to around $22,000, but that there were signs that it may find support at that price level.
“The second bearish flag on BTC has broken down as of now, finally starting to creep towards a strong support level.”
Bitcoin is worth $21,767 at the time of writing.
Another cryptoanalyst, Altcoin Sherpa, is forecasts that choppy trading is in store for Bitcoin with a wide range between $13,000 and $30,000.
“BTC: This could be your trading area for the next few months. If it is, expect both ends of the range to be exploited (ie $15,000), with some deviation at both ends (initially $30,000 – $13,000 would probably be the area).”
Unlike Smart Contractor, Sherpa is warning that altcoins may collapse further in value, and he predicts that Bitcoin may fall into the $21,000 price range.
“BTC: Things look volatile overall; we saw these lows being run, but is it sustainable? The next few hours should provide decent insight as to whether we hold this region or not. Much more volume in the $21,000s. Alts continue to die if we go there.”
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