Due to the uncertainty of Bitcoin (BTC) and the crypto market, it is often difficult to predict the next trend pattern for crypto assets. However, analysts have always published predictions for most crypto assets. While some projections turned out to be accurate, some still didn’t happen as predicted.
One analyst became popular for posting an accurate prediction for the 2018 Bitcoin low six months ahead of the period. However, the pseudonymous analyst and trader, Smart Contracter, is suddenly bullish on his recent predictions.
Analyst Dismisses Bearish Stance on Bitcoin (BTC)
smart contractor I take to Twitter to inform his followers of his plan to remove his bearish bias on the BTC/USD trading pair. The new decision from him was based on the recent breakout of the Bitcoin price to a higher range.
smart contractor indicated that Bitcoin might perform better than other cryptocurrencies in the future. He explained that the BTC price action is currently more impressive due to the impulsive disposition. The analyst revealed that he wanted to go long on his trades once the opportunity presented itself via a crash.
Furthermore, Smart Contracter projected charts to explain the possible price trend of the leading crypto asset. For example, he predicted that Bitcoin would rise by more than $18,800. Furthermore, he used Elliot wave theory to support his technical analysis of BTC.
Smart Contracter reported that BTC would show a 5-wave pattern for its main trend, but its corrective move will follow a 3-wave path. Furthermore, he predicted that Bitcoin’s dominance over altcoins would reach 43%.
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
Following the collapse of the FTX cryptocurrency exchange and the increasing intensity of the crypto winter, cryptocurrency prices fell sharply. BTC lost its value as the pressure in the entire market continued to mount. With growing fear and uncertainty, the price of Bitcoin fell to the region of $15K in November 2022. But the trend is turning bullish as volatility is now on the rise.
At the time of writing, Bitcoin is trading around $19,275, indicating an increase in the last 24 hours. Its market capitalization stands at 366.430 million dollars, which means a growth of 4.62% in the last day. Also, BTC’s dominance over altcoins is 40.26%.
Bitcoin Crosses $19,000 on the BTCUSDT Daily Candle on Tradingview.com
Analyst Seeks Opportunity to Buy Avalanche (AVAX)
Smart Contracter gave some striking points about Avalanche (AVAX), the smart contract blockchain. the analyst mentioned that AVAX appears to have bottomed out after its 90% correction from its all-time high (ATH). For him, a future Avalanche correction to the downside will be a buying opportunity.
At press time, Avalanche price is hovering around $15.53, showing an increase of 4.19% in the last 24 hours. According to data from CoinMarketCap, Avalanche’s market capitalization is 4.92 billion, and the token is ranked as the 17th most important crypto asset. Its market dominance is now at 0.54%.
In addition to Smart Contracter, another crypto analyst has predicted a price rally for Bitcoin and the broader crypto market. A cryptanalyst known as Kaleo reported closely following the stock market. He claimed that a rise in traditional stocks would trigger a rally in the prices of BTC and other assets.
This post Popular Crypto Analyst Turns Bullish on BTC and AVAX, Here’s What He Said
was published first on https://newsbtc.com/news/bitcoin/crypto-analyst-bullish-btc-avax-he-said/