Bitcoin to Correct Further, Says Crypto Analyst
Smart Contracter, a crypto trader who accurately predicted Bitcoin's bottom in 2018, is expecting a possible drop in the price of BTC soon.
The crypto analyst recently took to Twitter to share his thoughts with his over 220,800 followers, stating that he expects BTC’s momentum to weaken, potentially leading to a slow and choppy grind up to $24,000 and ultimately another lower high.
He advises traders not to fall into the trap of longing every hourly reversal candle. Instead, he suggests taking a break and “touching some grass.”
Based on the chart he shared, Smart Contracter believes that Bitcoin could drop to just above $20,000 after completing a three-wave correction pattern that began late last month.
The Elliott Wave theory, which Smart Contracter references, suggests that the primary trend of an asset’s price moves in a five-wave pattern. At the same time, a correction occurs in three waves. If Smart Contracter’s analysis holds true, we could see a dip in Bitcoin’s price before any potential future gains.
momentum waning and distribution probably underway on #btc, expecting a slow choppy grind up to 24k and ultimately another lower high.
go touch some grass, don't fall into the trap of longing every hourly reversal candle expecting a big move. pic.twitter.com/lNYVzEbSV6
— Bluntz (@Bluntz_Capital) February 28, 2023
In addition to his predictions for the flagship cryptocurrency, Smart Contracter is also expressing bearish sentiment on the decentralized artificial intelligence ecosystem, Fetch.ai (FET).
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He notes that FET looks done. Based on his chart, the altcoin could retrace by nearly 50% from its current levels in a three-wave correction pattern that started in February.
.$FET looks done here, one of the strongest alts over the last 3 months which did over 10x from the lows pic.twitter.com/BHCdGj2iai
— Bluntz (@Bluntz_Capital) February 28, 2023
While it’s important to note that past performance is not indicative of future results, Smart Contracter’s track record of accurately predicting market movements has undoubtedly caught the attention of many crypto enthusiasts. Only time will tell whether his latest predictions come to fruition. Still, for now, traders should keep a watchful eye on the markets and be prepared for any potential shifts in price.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
