A crypto analyst who correctly called Bitcoin’s BTC/USD 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.
in terms of structure and % from the highs i think we are close to a bottom, not quite there yet, but close.
— Bluntz (@SmartContracter) December 8, 2022
all we're missing now is the multi-month basing and accumulation.
my best guess would be one more low then around 6 months of accumulation.#btc pic.twitter.com/dCehTP6RdN
See More: Best Crypto Day Trading Strategies
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.
im still of the belief for now that this move up on #btc is part of a corrective abc w4 before making a new low sub $15k into Q1 2023 where we find a longer term bottom. pic.twitter.com/rG7ksh7zqh
— Bluntz (@SmartContracter) December 5, 2022
Price Action: At the time of writing, apex crypto BTC was trading at $16,807 down 1.13% in the past 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.