The crypto strategist who accurately called Bitcoin’s (BTC) bottom in 2018 is unveiling the price level that he thinks would mark the end of the bear market.
Pseudonymous analyst Smart Contracter tells his 214,300 Twitter followers that Bitcoin is “pretty bloody close 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 finish the bear market ABC.”
Smart Contracter is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following the psychology of market participants that tends to manifest in waves. According to the theory, an A-B-C pattern is a three-wave structure that marks a corrective period in an uptrend.
Looking at the analyst’s chart, Smart Contracter appears to be predicting one more leg up for Bitcoin to around $17,500 before another sell-off event that would send BTC close to $12,500.
Says Smart Contracter,
“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’ time 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.”
At time of writing, Bitcoin is trading at $15,818, down 2.15% on the day.
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Source: https://dailyhodl.com/2022/11/22/crypto-analyst-who-nailed-2018-bitcoin-bottom-predicts-end-of-btc-bear-market-heres-his-target/