A crypto analyst who correctly called Bitcoin’s (CRYPTO: BTC) 2018 bottom says the apex crypto is setting up for another corrective move.
What Happened: The pseudonymous analyst ‘Smart Contracter’ tells his 216,200 Twitter followers that Bitcoin’s rally is likely coming to an end. “I think we are close to a bottom, not quite there yet, but close,” the analyst tweeted.
According to the analyst, BTC would go one more low, followed by six months of accumulation.
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On Monday, the analyst said that Bitcoin’s rally from its current bear market low of $15,546 is likely coming to an end. “I’m still of the belief for now that this move up on BTC is part of a corrective ABC wave four before making a new low sub-$15,000 into Q1 2023 where we find a longer-term bottom.”
Smart Contracter's graph shows that Bitcoin could be on the verge of a surge that would take it to $18,000. The analyst predicts that BTC will proceed to $14,500 to finish its five-wave cycle.
Price Action: At the time of writing, apex crypto BTC was trading at $16,807 down 1.13% in the past 24 hours.
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