Crypto Analyst Predicts Final Leg of Bitcoin’s Current Uptrend
According to a widely followed analyst named Smart Contracter, Bitcoin (BTC) is approaching the final wave of its current upward trajectory.
Applying the Elliott Wave theory in his technical analysis, he tells his 220,400 Twitter followers that Bitcoin is currently forming the final wave in a five-wave bullish pattern that started earlier this year.
Elliott wave theory
The Elliott Wave theory is a tool used by technical analysts to identify trends in asset prices. According to this theory, the primary trend of an asset’s price moves in a five-wave pattern. At the same time, a correction occurs in a three-wave pattern.
The five-wave pattern consists of an upward movement, a downward correction, a second upward movement, a second downward correction, and a final upward movement.
Final wave
Smart Contracter predicts that the fifth wave will propel Bitcoin to above $26,000, resulting in elevated bullish sentiment. The analyst says that Bitcoin will then fall below $20,000 before the “real” rally for this year begins.
“The wave 5 on the BTC daily [timeframe] is now well underway. Anticipating us to take out those $25,200 highs, probably seven a tad higher up to around $26,000 – $26,500 to obliterate the last remaining bears, get everyone mega bull, then a slow 2-month+ dump into the $19,000s before the real 2023 bull run begins.”
the wave 5 on the #btc daily now well underway
anticipating us to take out those 25.2k highs, prob seven a tad higher up to around 26-26.5k to obliterate the last remaining bears, get everyone mega bull, then a slow 2 month+ dump into the 19ks before the real 2023 bullrun begins pic.twitter.com/3lTvyJtYh3
— Bluntz (@Bluntz_Capital) February 16, 2023
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Contrasting views
Smart Contracter’s prediction contrasts with another popular analyst who foresees Bitcoin rallying by up to 40% if it rises above a critical psychological level.
Fellow crypto analyst Michaël van de Poppe tells his 648,100 Twitter followers that he sees Bitcoin surging above $30,000 after hitting the northern side of $25,000.
“Corrections are relatively short-lived in an upward trending market. Higher timeframe levels get one test, and then markets start to shoot upwards as people overshort the correction. Breaking $25,000, and we’ll continue towards $30,000 – $35,000 for Bitcoin.”
It’s worth noting that both analysts’ predictions are based on technical analysis, which is not always accurate and should be taken with a grain of salt. The crypto market is notoriously volatile, and unexpected events can significantly impact prices. Therefore, investors should conduct their own research and use multiple sources of information to make informed investment decisions.
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.
