Bitcoin Claims $18.8K, Top Analyst Reverses His Prediction

Pioneer cryptocurrency Bitcoin recently breached the $18,800 mark after struggling to break above $17,000. This bullish trend has affected the entire crypto market as most of the major cryptocurrencies are currently controlled by bulls. Furthermore, the global crypto market capitalization has increased by 2.87% in the last 24 hours and is currently valued at $910 billion.

A notable crypto analyst and trader, Smart Contracter, who had previously predicted the bottom of the market in 2018, has now reversed his stance on Bitcoin. He informed his 218,100 Twitter followers that his bearish outlook on Bitcoin has changed and that he is now considering taking long positions if there is a crash.

Bitcoin at $20k soon?

The analyst also claims that Bitcoin will soon outshine other cryptocurrencies if it keeps up.

now that #btc broke out of this slow and choppy rut, I am removing the bearish bias and looking for long retracements.

The price action seems impulsive to me now and I also believe that with BTC on the cusp of removing the dominance BTC December high will rise and BTC will outperform Alts. pic.twitter.com/3oOYmky5Pb

—Bluntz (@SmartContracter) January 12, 2023

As the chart indicates, the strategist suggests that Bitcoin has already broken above $18,800 and will continue to rise. The Smart Contracter prediction is based on the Elliot wave theory.

At press time, Bitcoin is trading at $18,918, having risen 3.94% in the last 24 hours.

Furthermore, the analyst also mentions Bitcoin’s dominance in the market, stating that it will increase from its current 38% to 43%.

Avalanche (AVAX)

Lastly, Smart Contracter talks about Avalanche (AVAX), a smart contract blockchain. According to the trader, Avalanche is down nearly 90% from its all-time high. He also claims that when AVAX makes a move lower, he will consider buying it.

now that avax has broken out of that high time frame that ends diagonally with a god candle, it looks like a bottom to me.

Definitely can’t chase here but 100% back on my radar again for pullback purchases pic.twitter.com/7Ijb4jlajN

—Bluntz (@SmartContracter) January 12, 2023