A crypto trader who accurately called 2018’s Bitcoin (BTC) bottom expects the flagship crypto asset to fall in the near term.
Pseudonymous analyst Smart Contracter tells his 220,800 Twitter followers that Bitcoin could drop to a lower high amid waning momentum.
“Momentum waning and distribution probably underway on BTC, expecting a slow choppy grind up to $24,000 and ultimately another lower high.
Go touch some grass, don’t fall into the trap of longing every hourly reversal candle expecting a big move.”
Based on the chart illustrated by the crypto analyst believes Bitcoin could drop to just above $20,000 after completing a three-wave correction pattern that began late last month.
According to the Elliott Wave theory, the main trend of an asset’s price moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Bitcoin is worth $23,783 at time of writing.
Smart Contracter is also expressing bearish sentiment on the decentralized artificial intelligence ecosystem Fetch.ai (FET).
“FET looks done here, one of the strongest altcoins over the last three months which did over 10x from the lows.”
Based on a chart illustrated by the pseudonymous crypto analyst, Fetch.ai could retrace by nearly 50% from current levels in a three-wave correction pattern that started in February.
Fetch.ai is trading at $0.476 at time of writing.
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