The crypto strategist who accurately identified the bottom of Bitcoin (BTC) in 2018 revealed the price level that he thinks will mark the end of the bear market. On the other hand, another popular analyst pointed to various altcoin projects. Here are the details…
Bitcoin will bottom soon, according to Smart Contracter
Analyst Smart Contracter told his 214,300 Twitter followers that Bitcoin is “pretty close to bottom.” Thinking that we have about a month left to see the bottom, the analyst thinks that a pattern has formed to end the bear market. Smart Contracter is a popular practitioner of Elliott Wave theory. Elliott Wave follows the psychology of market participants, which tends to manifest in waves.
Thus it is a technical analysis that tries to predict future price action. According to the theory, the ABC pattern is a three-wave structure that marks a correction period in an uptrend. Looking at the analyst’s chart, Smart Contracter seems to be predicting another leg up to $17,500 for Bitcoin before another sell-off event that will bring BTC closer to $12,500. The analyst uses the following statements:
My game plan is to buy a spot on the $14,000 drop and then finish the diagonal breakout. A few years later, when BTC and ETH are over $100,000 and $10,000 respectively, it won’t matter if you bought it at $16,000, $15,000, or even $14,000.
Smart Contracter’s previous forecasts
As Cryptokoin.com previously reported, Smart Contracter foresaw the $3,200 level that BTC recorded in 2020. He also predicted that BTC, which gained momentum towards the end of 2020, would rally. He correctly predicted that $23,000 would break in 2021. In Ethereum, he saw the $ 1,600 drop seen in March of last year. He also knew about the withdrawal in September 2021.
Michael van de Poppe highlights five altcoins
On the other hand, popular cryptocurrency analyst Michael van de Poppe shared his expectations for five altcoins in a Twitter thread he shared. First, he set his Bitcoin forecast at $17,000. He stated that he could not say anything for Ripple’s coin, XRP, as “the markets are still in the consolidation phase and filled with fear.” He stated that current levels point to an entry point, but patience is required.
In his post for XCAD, he stated that the cryptocurrency is at an important support level. He stated that he will monitor the coin in terms of day trading for SafePal (SFP). Finally, he drew attention to the consolidation phase in Chainlink (LINK). “It’s a good entry level if you want to look at it as an investment,” the analyst said.
Request 01 – $LINK
This one is still consolidating at the range lows and is a good entry if you'd want to be looking for investment purposes. pic.twitter.com/2e4gWDYju4
— Michaël van de Poppe (@CryptoMichNL) November 18, 2022
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