A closely followed crypto analyst says he is optimistic about an altcoin project touted as an Ethereum (ETH) competitor and predicts a potential trend reversal for Bitcoin (BTC).
Smart Contracter drew attention to this altcoin project
Nicknamed Smart Contracter and with over 204.5k followers on Twitter, the analyst states that the smart contract platform Avalanche (AVAX) tracks the price action. According to the analyst, there is currently a corrective pattern on the AVAX chart. He thinks that after the completion of this formation formation, a strong rally may come. Smart Contracter uses the following expressions:
When it comes to altcoins, I really like AVAX. Not only did it have a very strong reaction from a massive 0.618 level, it also countered the three-wave ABC correction move from the highs to the downside. I expect AVAX to outperform many altcoins. It could potentially outperform even its all-time high.
Smart Contracter applies Elliott Wave theory, a technical analysis that predicts future price action by following crowd psychology, which tends to occur in waves. According to Elliott Wave theory, an asset is likely to start rising again after completing an ABC correction.
What does the analyst say about Bitcoin?
The crypto analyst, who has been examining Bitcoin, which has upset investors with its decline in the past weeks but started to recover towards the end of the week, says that BTC is showing signs of strength after it managed to climb above the cross resistance that has kept the coin in a bearish trend since November. He thinks that with the solid daily close above the downtrend, bullish signs not seen for almost three months are coming.
Smart Contracter in long-term bullish trend in Bitcoin. Last month, BTC said that it thinks it could break below the $30,000 support. However, the crypto strategist had predicted that Bitcoin would hit above $100,000 this year. The analyst is also famous for his predictions. To see the correct predictions of Smart Contracter, you can review this article we prepared as Kriptokoin.com.
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