A popular analyst and trader who accurately predicted Bitcoin’s (BTC) 2018 bottom six months ahead of time appears to be transforming into a bull.
The pseudonymous analyst Smart Contracter tells his 218,100 Twitter followers that he’s dropping his bearish bias after Bitcoin broke out of an upper range.
He’s now looking for opportunities to enter long positions whenever a breakdown occurs.
According to Smart Contracter, Bitcoin will likely outperform other crypto assets moving forward.
“Now that BTC broke out of this slow choppy grind up, I’m scrapping bearish bias and looking to long pullbacks.
Price action looks impulsive to me now and I also believe with BTC on the cusp of taking out the December high, BTC dominance will rise and BTC outperform altcoins.”
Looking at the crypto analyst’s charts, Smart Contracter appears to suggest that Bitcoin is primed to rise above $18,800. In his technical analysis, Smart Contracter applies Elliot Wave Theory, which states that the main trend occurs in a five-wave pattern while a corrective trend occurs in a three-wave pattern.
Bitcoin is trading at $18,157 at time of writing.
As for Bitcoin dominance, Smart Contracter appears to be forecasting that BTC will reach over 43%. Bitcoin dominance is currently 38%.
Next up is the smart contract-enabled blockchain Avalanche (AVAX). Smart Contracter says that the 19th-largest crypto asset by market cap appears to have bottomed out after a 90% correction from the all-time high. The crypto analyst says that he will look for buying opportunities when Avalanche corrects downwards.
“Now that AVAX broke out of that high timeframe ending diagonal with a god candle, it does look like a bottom to me.
Definitely can’t chase here. But 100% back on my radar again for pullback buys.”
Avalanche is trading at $15.18 at time of writing, up by about 40% in two weeks.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
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.
Generated Image: Midjourney