Bitcoin has dropped below this level after flirting with $17,000 for a few days. Bitcoin’s price has failed to make any significant gains above it. This is because the entire market cap has lost around $20 billion in the last 24 hours and altcoins are predominantly trading in the red. So what’s next? Here are the Bitcoin comments of two analysts who came up with their previous predictions…
Smart Contracter: Bitcoin is ready for a new correction
Smart Contracter, who accurately predicted the bottom of Bitcoin in 2018, shared his new statements for BTC. The expert says the biggest cryptocurrency is poised for another corrective move on its way to lower a new bear market. The analyst said that Bitcoin’s recent rise from the current bear market low of $15,546 is likely over. It also uses the following expressions:
For now, I still believe this rise in BTC is part of the corrective ABC wave before it made a fresh dip below my $15,000 prediction in Q1 2023, where we will find a longer-term bottom.
Smart Contracter applies Elliott Wave theory. This theory is usually based on the business propensity of the people in the market. According to the theory, a downtrend consists of five waves where the asset sees short bounces during the second and fourth waves. According to Smart Contracter’s chart, Bitcoin appears to be in the last leg of the fourth wave bounce. It’s also gearing up for one final run towards $18,000. The analyst predicts that BTC will then continue its downtrend towards its target of around $14,500 to complete five wave cycles.
US dollar index matters
The crypto strategist is also closely watching the US dollar index (DXY), which he says is giving bullish signals. “The big DXY comeback today is not something you want to see if you’re bullish on crypto. Even in the best-case scenario, I think it will still bounce around 108-109 and that will likely drive crypto down further.” Traders are watching DXY closely as a strong index shows investors selling risky assets and stocks like Bitcoin in favor of the US dollar.
Credible Crypto: Bitcoin will exceed $18,000
Meanwhile, Elliott Wave practitioner Credible believes that Bitcoin could rise above the $18,000 resistance. The analyst tells his 336,200 Twitter followers that Bitcoin is in an uptrend on the one-hour chart and looks set for a big bounce. According to Elliott Wave theory, an asset in an uptrend goes through five waves at the same time, where the first, third, and fifth waves go up. Looking at the analyst’s chart, it can be seen that BTC finished the second wave correction at $16,400. It is then stated that the coin fired the third wave of over $18,000.
Analysts’ previous forecasts
The views of these two analysts are closely followed in the cryptocurrency space. Because both Smart Contracter and Credible Crypto have made remarkable predictions before. cryptocoin.com As we reported, Smart Contracter pointed to a rally to $3,200 in BTC in 2020, followed by a rally. Then, BTC rallied above $14,000 towards the end of that year. On the other hand, the analyst confirmed the $23,000 level for BTC in 2021. He also knew the $1,600 level for the largest altcoin Ethereum and the drop in 2021.
Credible Crypto, on the other hand, said that about 4 years ago, XRP would be withdrawn to $0.168. However, he also predicted that the coin would rise above $0.20 afterwards. In March of 2020, Credible Crypto also correctly predicted that after a correction, the XRP price would start a big rise. At the time, the cryptocurrency was trading close to $0.5. In the future, it started to approach 2 dollars. On the other hand, the analyst also predicted that in June of 2021, Bitcoin will rise above $ 50,000 before correcting. On November 8, when Bitcoin broke above $67,000, the analyst predicted that BTC would decline.
