A crypto analyst with a large following explains the short-term bearish trend for Bitcoin (BTC). Also, the CoinMarketCap crypto community shares their Bitcoin predictions.
SmartContracter seeks a new bottom in BTC
Known for his successful predictions, the analyst nicknamed SmartContracter says that Bitcoin will reach a new low and then rally. Analyst’s accurate predictions cryptocoin.com Check out this article. In this context, the analyst makes the following statement:
In the short term, I think we at least have another new low before we see any relief bounces for BTC.
Source: SmartContracter / TwitterAccording to the analyst’s charts, it is possible for Bitcoin to drop to just over $20,000 according to the Fibonacci retracement levels and the Elliott Wave Theory. SmartContracter says that Bitcoin’s main trend is about to complete its fifth wave. He then notes that after reaching the 0.618 Fibonacci retracement level, it will initiate an upward correction in a three-wave pattern.
Elliott Wave Theory suggests that the underlying trend of an asset’s price moves in a five-wave pattern (i, ii, iii, iv, v). It states that the lower trend, which is a correction movement, is realized in a three-wave (A, B, C) pattern. Fibonacci retracement levels are a technical analysis method used to determine the support and resistance levels of an asset based on the famous Fibonacci number sequence.
SmartContracter says that once Bitcoin hits its downside target of around $20,500, it is likely to rise by double-digit percentage points later. In this context, the analyst makes the following statement:
I am looking for another lower in BTC. Then I’d be happy to wait for a 10-15% rise. The 0.618 Fibonacci retracement level is slightly lower at $20,500. So this makes sense.
Source: SmartContracter / TwitterIs there a Bitcoin bull run soon?
Leading cryptocurrency Bitcoin has experienced a week of bearish pressure. Then it started flashing green. However, according to analyst Elena R, while Bitcoin appears to be moving positively, the bears seem to have gained some technical stability in the short term. The analyst makes the following assessment:
As a result of the breakout, volatility in the asset decreased. So, a big price change is probably imminent. Contrary to what seems on the surface, statistical results at the moment point to a larger shift to the downside.
Bitcoin prediction from Coinmarketcap community
According to CoinMarketCap’s crypto community survey, 20,683 members predict that the Bitcoin price will reach a target of around $29,346 by the end of September. This represents an increase of more than 30% from current price levels for Bitcoin. On the other hand, Bitcoin’s repeated refusal to break the $25,000 resistance has worried traders with the macroeconomic situation swirling around. This is because in the past few days, the crypto market has reacted negatively to the Fed’s decision on rate hikes.
Meanwhile, crypto analysts are taking a positive approach to the upcoming crypto market performance. Michael van de Poppe, a well-known analyst, is of the opinion that the crypto ecosystem is heading towards a strong bullish trend. He also says that the chances of the market going up are much higher than seeing a downtrend.
