A popular crypto analyst and trader believes that Bitcoin (BTC) will likely undergo a significant corrective move in the coming months.
Pseudonymous analyst Smart Contracter tells his 220,500 Twitter followers that Bitcoin is likely due for a major retracement after the king crypto rallied over 60% from the 2022 low of around $15,500.
“After that [sharp pull back on the] daily [chart], I’m fairly confident the five-wave rise from the lows is now complete.
Anticipating a multi-month pullback to around $19,000 where absolutely everyone gets chopped to little tiny pieces and wishes they stopped trading.
Will happily load up long-term longs sub-$20,000 BTC.”
Smart Contracter utilizes the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset is due for a pullback after completing a five-wave surge.
After the correction, the crypto strategist predicts a strong Bitcoin surge to $30,000.
Bitcoin is trading at $24,545 at time of writing.
Although Smart Contracter is bearish on Bitcoin, widely-followed analyst Michaël van de Poppe tells his 648,300 Twitter followers that BTC’s upward trajectory will likely continue if bulls manage to keep the king crypto above a key support level.
“Bitcoin corrects after hitting final resistance before $30,000.
That’s not bad, that’s normal.
I’d be watching $22,800 as a crucial support to sustain and then we’ll be making higher lows again for continuation.”
Generated Image: Midjourney