An analyst who accurately predicted Bitcoin’s (BTC) year-end crash and is closely followed by the crypto community has updated his predictions for several altcoins.
Crypto trader Smart Contracter told his 205,800 Twitter followers that monthly closings look good for a number of projects.
The first altcoin on Smart Contracter’s radar is Fantom (FTM), which it says has completed the ABC form known as the weekly timeframe correction pattern. The trader predicts an explosive 190% move from the current $1.55 level to the all-time high of $4.50 for the smart contract platform.
“FTM weekly chart looks like a major corrective ABC pattern due to higher highs.
Another coin that I think has a good chance of hitting an all-time high this year.”
Besides, the trader stated that the high-performance blockchain Solana (SOL) is giving bullish signals on both the dollar and Bitcoin trading pairs.
Looking SOL against the Dollar (SOL/USD), Smart Contracter said the pair is showing an uptrend below its several-month downtrend.
“Monthly charts are closed today and one of my favorite altcoins is Solana (SOL). In dollar trading pair, 0.618 [Fibonacci geri çekilme seviyesi] We have a classic Morning Star pattern during the monthly timeframe when a dead scar occurs on it.”
Also evaluating the Bitcoin trading pair (SOL/BTC), Smart Contracter suggests that Solana has completed a three-wave retracement pattern (ABC), which means the trend has reversed.
“Also in the Bitcoin pair, the entire structure from the top is a clear ABC [deseni] looks like.”
The analyst relies on Elliott Wave theory, which predicts future price action by following crowd psychology, which tends to manifest in waves. According to the theory, the completion of an ABC retracement pattern often leads to a trend reversal.
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.