The Best Crypto Strategist Predicts a Strong Rise for Bitcoin (BTC) and Ethereum (ETH) — but there is a catch

The Best Crypto Strategist Predicts a Strong Rise for Bitcoin (BTC) and Ethereum (ETH) — but there is a catch

A popular crypto analyst who charted the bottom of Bitcoin 2018 believes that BTC and Ethereum (ETH) are preparing for a sharp price rally.

The analyst pseudonym Smart Contracter tells his 210,900 followers that Bitcoin has completed a five-wave rally on the four-hour chart and is now likely to make a downward correction to the $20,000 level.

“A nice five-wave rally from Bitcoin’s four-hour lows. I will look to extend any pullback below $20,500 over the next few days.”

source: Smart Contractor / Twitter

Smart Contracter analysis is based on Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price movement by following the psychology of crowds that tend to appear in waves. According to the theory, the direction of the asset reverses after completing a five-wave rally.

While the Smart Contracter is bearish in the short term on BTC, it believes that Bitcoin could carve out a cycle bottom.

“I can also see a higher time frame of the weekly swing failure/double bottom formation as well…at least, [I’m targeting] Highest weekly range around the $24,000-$25,000 mark.”

Source: Smart Contracter / Twitter

At the time of writing, BTC is changing hands at $22,156, an increase of over 2% on the day.

Looking at Ethereum, the Smart Contracter expects a sharp pullback for the leading smart contract platform before accumulating a sharp rally towards its $2,400 target.

“ETH C wave down is likely underway now, to correct the five-wave rally from the July lows.”

source: Smart Contractor / Twitter

At the time of writing, Ethereum is trading at $1,687, down more than 2% in the past day.

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Featured Image: Shutterstock / Zaleman

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