Crypto Analyst Predicts The End Of Bitcoin Bear Market
The cryptocurrency analyst who correctly predicted Bitcoin’s (BTC) bottom in 2018 is now revealing the price level he believes would signal the conclusion of the bear market.
Smart Contracter, a crypto analyst, informs his 214,300 Twitter followers that Bitcoin is “very bloody near to a bottom.”
“I still think there might be another month or so before we see it. [It’s] starting to look like there’s an ending diagonal forming to finishing the bear market ABC.”
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macro cycle wise i think #btc is pretty bloody close to a bottom here, BUT i still think there might be another month or so before we see it, starting to look like theres an ending diagonal forming to finish the bear market ABC. pic.twitter.com/DqEsuwYYnt
Smart Contracter is a well-known practitioner of the Elliott Wave theory. This advanced technical analysis method aims to forecast future price movement by observing how the psychology of market players manifests itself in waves. Following the idea, an A-B-C pattern is a three-wave structure that identifies a corrective phase in an upswing.
Looking at the analyst’s chart, Smart Contractor looks to be projecting one more leg up for Bitcoin to about $17,500 before another sell-off event sends BTC close to $12,500.
Smart Contracter claims,
“My game plan is to buy some spot on a breakdown of $14,000, then add on the ending diagonal breakout. In a few years, when BTC and ETH are >$100,000 and $10,000, respectively, it won’t matter too much if you bought at $16,000, $15,000 or even $14,000.”
Bitcoin is trading at $15,818 at the time of writing, down 2.15 per cent daily.
