A pseudonymous analyst who correctly called the 2018 Bitcoin BTC/USD bottom, predicted that BTC’s rally to $18,000 could turn out to be a “fakeout”.
What Happened: ‘Smart contracter’ told his 216,000 followers on Twitter that he is expecting a possible return to the bottom of the range. The analyst predicts a $14,250 bottom level for Bitcoin.
See More: Best Crypto Day Trading Strategies
In a tweet, 'Smart contracter' said “after a hawkish FOMC,” these “last few months have been ok for range traders,” but overall it's been an abysmal choppy market.
A Twitter user commented on the thread, “run range low, run range high, downtrend continuation” referring to the current market being similar to the 2020 markets. The analyst responded by stating, “Its amazing how many times its done this now even in this most recent bear market.”
On Dec.8, 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.”
Price Action: At the time of writing, Bitcoin was trading at $17,725 down 0.95 % in the past 24 hours, according to Benzinga Pro data.
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