bitcoin Known for accurately knowing the bottom levels of the BTC price, Smart Contracter predicts the bottom price of BTC in the current bear market. did. Here are the details of the analyst’s forecast.
According to Smart Contracter, Bitcoin is likely to complete its rally after the ‘current low’ of $15,546. According to the analyst, until Q1 of 2023, the price is likely to show a corrective move as part of the US wave. As a result, the price will drop below $15,000 and reach a bottom.
The analyst tries to predict the price of Bitcoin using a technical analysis called Elliott Wave theory. According to the theory in question, a downtrend consists of five waves. The asset tends to rise with short rallies between the second and fourth waves.
According to the analyst’s chart, Bitcoin is continuing the last leg of the fourth wave bounce. The target of this bounce is likely to be the $18,000 level. With the completion of this wave, the price may decline to around $14,500. If the analyst’s forecast holds, there will be a 15% decrease from current levels.
Koinfinans.com As we have reported, the analyst announced that he is closely following the US dollar index (DXY), which he says gives bullish signals.
“There’s a major reversal in DXY today, not something you’d want to see if you’ve been bullish on crypto. Even in the best-case scenario, I think it will jump around 108-109 which is probably cryptocurrencywill lower them.”
Credible Also Makes Bitcoin Price Prediction
A strong DXY index is followed closely by traders as it directly impacts risky assets like Bitcoin and stocks.
Using the Elliott wave theory, Credible also stated that the Bitcoin price could rise above the $18,000 resistance. According to the analyst, BTC is in an uptrend on the 1-hour chart. As a result, the price looks ready for a jump.
The 1st, 3rd and 5th waves of the wave theory represent the period when the probability of an upward rally is high. According to the analyst’s chart, Bitcoin completed its second wave theory at $16,400. Right after that, it fired the third wave towards $18,000.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.