When the leading crypto Bitcoin (BTC) in the crypto money market approached the 24 thousand limit, there was excitement about whether the bull market started. However, before the Federal Reserve’s interest rate decision, the market turned south again. In line with this, one cryptocurrency analyst says we have entered a tough few weeks after this year’s bull start. Also, the analyst expects a drop in some altcoins, including Chainlink (LINK).
“Rally in the crypto market is complete!”
cryptocoin.comAs you follow, the cryptocurrency market is fluctuating without a clear direction. After reaching the $24,000 limit, the leading crypto Bitcoin was sold and slipped below $23,000. An anonymous crypto analyst known in the market as Smart Contracter also says that many altcoins have already completed their five-wave rallies.
Known in the market for its accurate forecasts, Smart Contracter refers to the basic principle of Elliott Wave theory. We recommend that you take a look at this article for the analyst’s successful forecasts. This theory is a technique of technical analysis that tries to predict future price action by following crowd psychology, which tends to manifest in waves. The theory is that a bullish asset will likely witness a corrective move after breaking through a five-wave uptrend. According to his theory, the analyst explains:
People imitate altcoins with higher expectations. I’m sure that altcoins in particular have been on their way to the top for a few weeks. Literally everywhere five waves rise every day. Most importantly, at TOTAL 3, the market cap of all altcoins except BTC and ETH.
Looking at the analyst’s chart, it seems that all altcoins, except Ethereum, are expected to decline in market value. Accordingly, the analyst expects it to decrease by about 10% from about $365 billion to $330 billion. This indicates a significant downside risk for cryptoassets other than BTC and ETH.
Altcoins completing its rise: AVAX, LINK and ATOM
One of the altcoins on Smart Contracter’s bearish radar is Ethereum rival Avalanche (AVAX). The analyst says that AVAX has completed a five-wave rise on the eight-hour chart. It also shares a chart showing that it will likely correct around $15.
The analyst is also closely watching the decentralized oracle Chainlink (LINK), which he predicts will drop. According to a chart he shared on Twitter, LINK has also completed its five-wave rise. The analyst estimates that it is likely poised to rise above $6.
The same is true for the interoperability blockchain Cosmos (ATOM), according to the analyst. The analyst also states that ATOM has completed its five-wave rise.
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