Smart Contracter Reverses Bearish Stance on BTC, Predicts Surge of $18,800

• Analyst Smart Contracter has reversed his bearish stance on Bitcoin (BTC), citing the recent impulsive disposition of the asset as a reason for the shift.
• Smart Contracter has predicted that BTC could surge by more than $18,800, using Elliot Wave Theory to support his technical analysis.
• Smart Contracter believes that BTC will display a 5-wave pattern for its primary trend, with the corrective movement following a 3-wave way.

The recent price action of Bitcoin (BTC) has caused many analysts to rethink their previous predictions. One such analyst is Smart Contracter, a pseudonymous trader and analyst who has gained fame due to his accurate projection of Bitcoin’s 2018 bottom six months before the period. Smart Contracter recently took to Twitter to inform his followers of his plan to scrap his bearish bias on the BTC/USD trading pair.

The trader based his decision on the recent Bitcoin price breaking out to a higher range. He noted that due to its impulsive disposition, Bitcoin could outperform other cryptocurrencies in the future. As such, he stated his desire to shift to long positions in his trades once the opportunity presented itself through a breakdown.

To further explain the possible price trend for the leading crypto asset, Smart Contracter provided chart projections. He predicted that Bitcoin would surge by more than $18,800 and used Elliot Wave Theory to support his technical analysis for BTC. According to the analyst, BTC would display a 5-wave pattern for its primary trend, with the corrective movement following a 3-wave way.

The crypto market is still highly volatile, making it difficult to accurately predict the future trend patterns for crypto assets. However, analysts have continued to release projections for most crypto assets. Smart Contracter, who has proven to be accurate in his previous predictions, has now become bullish in his recent predictions. Although it is impossible to know if his predictions will turn out to be accurate, his analysis provides an interesting perspective on the future of Bitcoin.

Comments are closed.