Analyst Who Rightly Called Bitcoin Dip Says Traders Should Prepare for ‘Final Push’, updates outlook on Ethereum and Dogecoin
One trader who correctly guessed Bitcoin’s recent dive below $23,000 says he is now ready to re-enter the market.
The pseudonymous analyst, known in the industry as a smart contracter, revealed that he switched to stablecoins last week in anticipation of BTC dropping as low as $22,000.
Now that Bitcoin has retreated to the $22,700 area from a recent high of around $24,200, the trader says the top crypto is low enough to warrant a re-entry into the market.
Its new BTC target is above $25,000.
“Leans towards W5 on BTC in progress now taking out these $25k highs.
This could be the last daily push higher before we see a deeper decline over the next few months. I think make the best of it.”
Source: Smart Contracter/Twitter
The trader uses Elliot Wave theory for his analysis, which is based on the idea that trader psychology on charts often plays out in predictable waves of ups and downs.
Smart Contracter says he is also starting to accumulate Ethereum (ETH).
“Interestingly, ETH pulled back from the highs in just 3 waves and found support near 0.618.
ETH is therefore possibly preparing for another stage. Not only that, ETH/BTC still looks bearish in my opinion, implying that BTC may have bottomed here as well and is surpassing. I’m slowly reconnecting.”
The trader is also bullish on Dogecoin (DOGE), saying the popular memecoin has been building strength against BTC for weeks.
“Pretty nice base forming here on DOGE/BTC for 4 hours. I don’t think this accumulation will last forever.”
Source: Smart Contracter/Twitter
Bitcoin is trading at $22,810 at the time of publication, down 1% over the past 24 hours. Ethereum is at 1,622, down 0.9% and Dogecoin at $0.09, down 3% over the last day.
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