Foretelling the 2018 Bitcoin crash, the analyst made a big prediction for the leading crypto. He suggested that the market will remain under pressure in the medium term, and that Bitcoin will see a new bottom in this process.
Accurate Bitcoin analyst sets new lows
You can find the historical estimates of Smart Contracter from this article. In his current forecasts, the crypto analyst says that Bitcoin should hit the bottom of the bear market in the next six months. According to the analyst, the only thing missing is months of grounding and then a buildup phase. Grounding refers to the consolidation of an asset’s price accompanied by a drop in volume, usually just before a bull cycle. Looking at Bitcoin’s 2015-16 and 2019 data, Smart Contracter says the following for the year ahead:
In terms of structure and peaks, I think we’re near the bottom, we’re not quite there yet, but we’re close. The only thing we lack right now is multi-month support and savings. My best guess would be one more drop from about six months of savings.
Earlier in the week, the analyst said that BTC is poised to hit new bear market lows below $15,000. Similar to Smart Contracter, Jason Pizzino outlines two scenarios that could mark the end of a bear market.
Jason Pizzino details two scenarios for new BTC bottom
The crypto analyst suggested in a recent YouTube post that two scenarios mark the eventual surrender. The analyst says these indicate that Bitcoin is on the way to recovery. According to Pizzino, Bitcoin fell below a monthly line following the capitulation in the first scenario. Meanwhile, it is preparing to close in the range of the previous month. The crypto analyst says the second scenario, signaling a possible Bitcoin reversal in the future, would be a strong bounce recorded after the capitulation:
The first scenario, similar price action is likely lower, but close in the price range of the previous candle. The second scenario is a strong bounce in the next month after the capitulation. But I would only say if the capitulation closure is higher – about 50% to 60% above the bar.
cryptocoin.comAs you follow, BTC is trading above $17,000 on December 9th. Pizzino says that in previous bear markets, Bitcoin tended to trade in a range after the last capitulation:
We could go back to the 2021 bull market we experienced next month, which was a pre-pump grind. We also had the grind here in 2018 in 2019. In 2015, before this last capitulation and rally, we moved sideways for a few months. In other words, we experienced two different capitulation scenarios in the accumulation period of 2015. Finally, here we have the 2011 capitulation, the market dropped, we had another month to test those prices before they bounced, re-accumulated, bounced back, re-accumulated, and then pumped into that bull market.
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