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Analyst Who Accurately Predicted 2018 Bitcoin Bottom Forecasts ‘Finale’ Rally for BTC – Here’s His Target

by Daily Hodl Staff
February 1, 2023
in Bitcoin, Ethereum

A crypto strategist who correctly called the 2018 Bitcoin (BTC) thinks that the king crypto is not yet done rallying.

Pseudonymous analyst Smart Contracter tells his 219,600 Twitter followers that Bitcoin may be mirroring its Q2 2019 “echo bubble” setup when BTC meteorically rose from $4,000 to around $14,000 in a few months.

“Ok so is this just flat number two before the finale, definitely feels sketchy right now but it always does.”

Image
Source: Smart Contracter/Twitter

According to Smart Contracter, Bitcoin is undergoing a corrective wave, which might set up BTC to rally toward his target.

“Yeah, I’ve got it as wave four of an extended third [wave] is underway.”

Image
Source: Smart Contracter/Twitter

Smart Contracter makes predictions using the Elliott Wave theory, an advanced technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave surge. Looking at Smart Contracter’s chart, it appears that the peak of the five-wave rally is at $28,000.

At time of writing, Bitcoin is worth $23,165.

The crypto strategist is also bullish on Ethereum (ETH). The analyst believes that the leading smart contract protocol looks primed to break out of a symmetrical triangle pattern.

“Had a 17-day range on ETH which has been contracting and failed to make any kind of major lower low.

There’s a very real chance this is re-accumulation. However, there are some huge catalysts coming up in the next few days so will probably need to keep your finger on the pulse.”

Image
Source: Smart Contracter/Twitter

Looking at the trader’s chart, he appears to be targeting a price level near $1,900 for ETH.

At time of writing, Ethereum is trading for $1,583.

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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 losses 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.

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