Popular cryptocurrency analyst Smart Contracter said that the price of Bitcoin could decline again after surpassing $26,000. The analyst determines the price levels that we will revisit before the real rally begins.
Smart Contracter thinks the real Bitcoin rally will start at this level
cryptocoin.com We have included Smart Contracter’s accurate predictions in this article. The widely followed crypto analyst has warned in his current analysis that Bitcoin (BTC) is on the last leg of its current bullish trajectory.
Applying the Elliott Wave theory in his technical analysis, Smart Contracter says that Bitcoin is now forming the final wave in a five-wave bullish pattern that started earlier this year.
According to the Elliott Wave theory, the main trend of a coin’s price moves in a five-wave pattern, while a correction occurs in a three-wave pattern. According to Smart Contracter, the fifth wave will push Bitcoin above $26,000, causing the bullish sentiment to rise. The analyst says Bitcoin will drop below $20,000 before this year’s “real” rally begins:
Wave 5 on the BTC daily time frame is currently in good shape. He expects us to push the seven slightly higher highs of $25,200 to around $26,000-$26,500, probably seven to destroy the last remaining bears, then we might see everyone reach the mega bull and then a slow 2-month drop to $19,000 before the real 2023 bull run begins.
Not everyone agrees: Michaël van de Poppe pointed to these levels
Smart Contracter’s forecast contradicts that of another popular analyst, who predicted that if Bitcoin breaks above a key psychological level, it will rise as high as 40%. Fellow crypto analyst Michaël van de Poppe says that Bitcoin could rise above $30,000 after surpassing $25,000:
In an upside market, corrections are relatively short-lived. Higher timeframe levels take a test, and then markets start to shoot up as people over-shorten the correction.
After breaking $25,000, we will continue towards $30,000-35,000 for Bitcoin.
Altcoin Sherpa summarizes short-term outlook for Bitcoin
Elsewhere, popular crypto analyst Altcoin Sherpa says that if Bitcoin breaks above the 2023 high of $24,200, it will indicate that it is in a bullish phase.
We’re valuing it around $24,000: if it breaks this area cleanly, like a solid break of $26,000, or at that point we could see it go down again, go up and just continue upwards…
However, Sherpa says that a lower top (HL) would be a bearish indicator for Bitcoin.
If we break lower, $22,000 comes back to say $23,000, and then pulls us down or breaks here, we’re obviously going to only go one place at that point: $20,000.
According to Sherpa, Bitcoin can make drastic moves in both directions
According to altcoin Sherpa, Bitcoin could rise over 30% from current levels and then drop below the 2022 low of $16,000. The analyst outlines the levels that will play a critical role in both directions:
To be clear, I don’t think the bottom is all in. I wouldn’t be surprised if the price continues to rise, perhaps reaching $25,000. I’ve always expected it to go up to $25,000 – $30,000, and I wouldn’t be surprised if it eventually goes up to $30,000.
But it would make a lot of sense to me if the price traded between $25,000 and $30,000 and then back to $20,000 or something like that. Or $17,000. Even $15,000.
BTC was trading above $24,000 at the time of writing. Smart Contracter thinks it could see a correction from $26,000 to $20,000.
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