A crypto strategist who correctly called the 2018 Bitcoin (BTC) thinks that the king crypto is not yet done rallying.
Pseudonymous analyst Smart Contracter tells his 219,600 Twitter followers that Bitcoin may be mirroring its Q2 2019 “echo bubble” setup when BTC meteorically rose from $4,000 to around $14,000 in a few months.
“Ok so is this just flat number two before the finale, definitely feels sketchy right now but it always does.”
According to Smart Contracter, Bitcoin is undergoing a corrective wave, which might set up BTC to rally toward his target.
“Yeah, I’ve got it as wave four of an extended third [wave] is underway.”
Smart Contracter makes predictions using the Elliott Wave theory, an advanced technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave surge. Looking at Smart Contracter’s chart, it appears that the peak of the five-wave rally is at $28,000.
At time of writing, Bitcoin is worth $23,165.
The crypto strategist is also bullish on Ethereum (ETH). The analyst believes that the leading smart contract protocol looks primed to break out of a symmetrical triangle pattern.
“Had a 17-day range on ETH which has been contracting and failed to make any kind of major lower low.
There’s a very real chance this is re-accumulation. However, there are some huge catalysts coming up in the next few days so will probably need to keep your finger on the pulse.”
Looking at the trader’s chart, he appears to be targeting a price level near $1,900 for ETH.
At time of writing, Ethereum is trading for $1,583.
Main content of the article:
Crypto strategist Smart Contracter believes that Bitcoin is undergoing a corrective wave that could lead to a five-wave rally to a peak of $28,000. Ethereum is also looking primed to break out of a symmetrical triangle pattern, with a potential target near $1,900. Smart Contracter uses the Elliott Wave theory to make predictions based on crowd psychology. At time of writing, Bitcoin is worth $23,165 and Ethereum is trading for $1,583.
