A closely followed crypto analyst who accurately predicted the Bitcoin (BTC) year-end crash is updating his forecast on several altcoins.
Pseudonymous crypto trader Smart Contracter tells his 205,800 Twitter followers that monthly closes are looking good for a number of projects.
One altcoin on Smart Contracter’s radar is Fantom (FTM), which he says has already completed a corrective A-B-C pattern on the weekly timeframe. The trader predicts an explosive 190% move for the smart contract platform from its current level of $1.55 to a fresh all-time high of around $4.50.
“FTM weekly looking like a big corrective A-B-C from the highs.
Another that I think has a cracking chance of an all-time high this year.”
The trader adds that high-performance blockchain Solana (SOL) is also flashing bullish signals on both the US dollar and Bitcoin pairs.
Looking at SOL against the US dollar (SOL/USD), Smart Contracter says the pair is showing a bullish reversal pattern at the bottom of a multi-month downtrend.
“Monthly charts closed today and one of the altcoins I like is Solana (SOL). On the US dollar pair, we have a textbook morning star pattern on the monthly timeframe which occurred dead smack on the 0.618 [Fibonacci retracement level].”
Paired against Bitcoin (SOL/BTC), Smart Contracter says that Solana also completed a three-wave corrective pattern (A-B-C), suggesting that a trend reversal is in sight.
“Also on the Bitcoin pair, the whole structure from the top looks like a clear A-B-C [pattern].”
Smart Contracter relies on the Elliott Wave theory, which predicts future price action by following crowd psychology that tends to manifest in waves. According to the theory, the completion of an A-B-C corrective pattern often leads to a trend reversal.Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/NextMarsMedia