A crypto analyst known for his accurate Bitcoin predictions says LUNA will make a major correction as the BTC price loses $40,000.
Crypto analyst predicts a major correction for Terra (LUNA)
As you can see from our article on Kriptokoin.com, a crypto analyst who correctly predicted the Bitcoin (BTC) bottom during the 2018 bear market, centralized It predicts a deep correction for non-financial payment network Terra (LUNA). The crypto analyst nicknamed Smart Contracter tells his 207,000 Twitter followers that LUNA has completed its five-wave rally and is now heading towards a full downtrend:
I think LUNA has finally hit a long-term high. Weekly five-wave bullish with a bearish divergence to confirm the C top. I think this will drop at least 50% or more.
Smart Contracter uses Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology, which tends to manifest in waves. According to the theory, an asset goes through a five-wave cycle before a major trend reversal. Looking at the analyst’s chart, the LUNA is heading towards $25, representing about 70% downside potential from its current price of $83.05.
Bitcoin (BTC) heading towards these levels
The crypto analyst is also taking a look at Bitcoin, which he says is in the middle of a five-wave correction on the lower timeframe:
BTC is currently four-hourly It is in an impulsive five-wave bearish process on the chart, so expects a nice relief bounce up to $45,000 in the coming days, then further downside. $37-38k is the new key support.
Meanwhile, although the amount of Bitcoin entering and leaving the exchanges has increased over the past few days, Glassnode’s weekly data has revealed that, overall, the leading cryptocurrency is disappearing into wallets. The April 11 data showed net outflows were approximately $229.9 million, despite more than $6 billion in exchanges entering and exiting the stock market last week.
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