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Bitcoin: Analyst Shares His 2023 Scenario for the Cryptocurrency

Bitcoin: Analyst Shares His 2023 Scenario for the Cryptocurrency

Estimates and predictions of traders and analysts on the crypto market have been all over the place. While some predict that the bull run is starting, others remain extremely bearish and expect a 50% correction from the current price.

A seasoned crypto trader and analyst has observed that Bitcoin’s current price trajectory may cause significant discomfort to market participants.

The trader, who goes by the name SmartContracter, presented in August 2022 a situation that, in their opinion, would lead to many traders getting caught in the market’s choppy waters. Fast forward six months and the analyst believes his prediction is beginning to materialize.

The first chart illustrates SmartContracter’s forecast from August, while the second chart shows the current situation.

If the remainder of the trader’s prognostication comes to pass, BTC will continue to retrace its steps until it reaches the $18,000 level by early June, causing bulls to experience pain.

READ MORE: Hedge Fund Veteran Ray Dalio Believes Bitcoin is Not a Good Store of Wealth

Subsequently, Bitcoin will change course, trapping bears and igniting a long-term rally.

Over the previous 24 hours, the top crypto has been volatile, starting at $24,553 and dropping to a low of $23,658 before bouncing back to its current value of $23,958 at the time of writing.

Recently SmartContracter issued a warning about an upcoming correction for BTC, according to the Elliot Waves theory.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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