Smart Contracter Projects What’s Next For Bitcoin (BTC) And Aave (AAVE)
A prominent to crypto analyst and trader known as Smart Contracter, is looking into the leading crypto asset Bitcoin (BTC) and decentralized finance (DeFi) protocol Aave (AAVE), and provides his prediction what is coming.
Aave (AAVE)
Smart Contracter shared with his 200.6K Twitter followers that the native token of the Aave DeFi lending platform has could be showing signs of a possible recovery.
According to the analyst AAVE has reached a potential support level by hitting the 0.618 Fibonacci retracement level, which is often a signal used to draw support or resistance levels.
AAVE touched the level after moving down in a corrective three-wave pattern that happened after a bullish five-wave pattern, says Smart Contracter.
Elliott Wave Theory lays out a wave pattern, where waves 1, 3, and 5 are impulse up, and waves 2 and 4 are smaller retraces of waves 1 and 3, respectively.
“Dipped into some AAVE here, those green shoots on the weekly chart turned into a nice five-wave rise on the daily chart, now we tapped the 0.618 and I think this is a higher low in the making.”
dipped into some aave here, those green shoots on weekly turned into a nice 5 wave rise on daily, now we tapped the 0.618 and i think this is a higher low in the making pic.twitter.com/RXmwP3vFdh
The trader also drew Aave’s upward-trending five-wave pattern and a smaller downward-trending three-wave pattern. During January, AAVE could surge upwards against the US dollar and Bitcoin, according to Smart Contracter’s prediction.
Bitcoin (BTC)
Sticking into the popular prediction amongst crypto analysts and traders, Smart Contracter also predicts Bitcoin to reach $100,000 this year. However, he says that BTC could visit as low as $37,500 prior to the last wave of the bull cycle.
At the time of writing, Bitcoin trades at $42,108, with 0.6% gains on a daily chart.
According to the analyst, the bear market could begin as soon as Bitcoin price hits $100,000.
“I think BTC bottoms anywhere between now and $37,500 and gives us a similar structure to what we saw in 2019 just on a larger timescale, with a run to $100,000 still on the table for 2022 in my opinion.
After $100,000+ then we get into 2018-style extended bear market territory.”
after $100k+ then we get into 2018 style extended bear market territory
