A popular crypto analyst and trader, bitcoin He stated that he believes there will be a significant correction movement in the coming months.
Known by the pseudonym Smart Contracter, the analyst has 220,500 Twitter followers, a leading crypto- that the asset will rise more than 60% from the 2022 low of $15,500. stated. He then signaled that Bitcoin could experience a major pullback.
“After this sharp pullback on the daily chart, I’m pretty confident that the five-wave rally from the lows is now complete.
I’m expecting a few months pullback to around $19,000 where everyone is breaking into little bits and wishing to quit trading.
NEWS CONTINUES BELOWI will be happy to invest long-term under $20,000 in BTC.”
Smart Contracter uses Elliott Wave theory, an advanced technical analysis approach that tries to predict future price movements by following crowd psychology, which tends to manifest in waves. According to the theory, a bullish asset needs to pull back after completing a five-wave uptrend.
After the correction, the crypto strategist predicts that Bitcoin will see a strong rise to $30,000.
As Koinfinans.com reported, Bitcoin is trading at $24,545 at the time of writing.
Bitcoin is in a bearish trend, according to Smart Contracter. However, widely followed analyst Michaël van de Poppe tells his 648,300 Twitter followers that BTC’s upward trajectory will likely continue if the bull king manages to keep crypto above a key support level.
“Bitcoin is correcting after reaching the last resistance before $30,000.
It’s not bad, it’s normal.
I would see $22,800 as an important support. Then we will see higher lows again to continue.”
You can follow the current price action of Bitcoin here.
