Popular Crypto Analyst Goes Bullish On BTC And AVAX, Here’s What He Said
Due to the Bitcoin (BTC) and crypto market uncertainty, predicting the following trend pattern for crypto assets is usually difficult. However, analysts have always released predictions for most crypto assets. While some projections turned out to be accurate, some still failed to happen as predicted.
One analyst became popular for releasing an accurate prediction for Bitcoin’s 2018 bottom six months before the period. However, the pseudonymous analyst and trader, Smart Contracter, is suddenly bullish in his recent predictions.
Analyst Scraps Bearish Stance On Bitcoin (BTC)
Smart Contracter took to Twitter to inform his followers about his plan to scrap his bearish bias on the BTC/USD trading pair. His new decision was based on the recent Bitcoin price breaking out to a higher range.
Smart Contracter noted that Bitcoin could perform better than other cryptocurrencies in the future. He explained that the BTC’s price action is currently more impressive due to the impulsive disposition. The analyst disclosed that he desired to shift to long positions in his trades once the opportunity came through a breakdown.
Further, Smart Contracter projected charts to explain the possible price trend for the leading crypto asset. For example, he predicted that Bitcoin would surge by more than $18,800. Also, he used Elliot Wave Theory to support his technical analysis for BTC.
Smart Contracter reported that BTC would display a 5-wave pattern for its primary trend, but its corrective movement will follow a 3-wave way. Also, he predicted that Bitcoin’s dominance over the altcoins would hit 43%.
now that #btc broke out of this slow choppy grind up, im scrapping bearish bias and looking to long pullbacks.
Price action looks impulsive to me now and i also believe with btc on the cusp of taking out the december high btc dominance will rise and btc outperform alts. pic.twitter.com/3oOYmky5Pb
— Bluntz (@SmartContracter) January 12, 2023
Following the collapse of the FTX crypto exchange and the growing intensity of the crypto winter, crypto prices dropped drastically. BTC lost its value as the pressure in the entire market kept increasing. With growing fear and uncertainty, the price of Bitcoin dropped to the $15K region in November 2022. But the trend is getting bullish as volatility is now on the increase.
At the time of writing, Bitcoin is trading around $19,275, indicating an increase over the past 24 hours. Its market cap sits at $366.43 billion, signifying a growth of 4.62% in the past day. Also, BTC’s dominance over altcoins is 40.26%.
Analyst Seeks Opportunity To Buy Avalanche (AVAX)
Smart Contracter gave some striking points concerning Avalanche (AVAX), the smart contract blockchain. The analyst mentioned that AVAX seems to have hit bottom following its 90% correction from its all-time high (ATH). For him, a future downward correction from Avalanche will be a buying opportunity.
At the press time, the price of Avalanche is hovering around $15.53, showing a surge of 4.19% in the past 24 hours. According to data from CoinMarketCap, Avalanche’s market cap is 4.92 billion, and the token is ranked as the 17th top crypto asset. Its market dominance is now at 0.54%.
Besides Smart Contracter, another crypto analyst has predicted a price rally for Bitcoin and the broader crypto market. A crypto analyst known as Kaleo reported closely monitoring the stock market. He stated that a surge in the traditional stock would trigger a price rally for BTC and other assets.