A crypto analyst famous for his accurate predictions says that an overlooked Ethereum (ETH)-based altcoin project may be in action soon.
Smart Contracter predicted Ethereum-based MASK could hit the top again
cryptocoin.com As we reported, Smart Contracter correctly predicted BTC’s 2018 and 2020 rallies. The hit analyst says in his current analysis, Mask Network (MASK) is preparing for a surge after a correction after Elliott Wave theory creates a three-wave pattern labeled ABC wave.
In this formation, the analyst predicted that MASK price could climb up to the ATH zone $6.50. This move would mean a 2X rally from the current $3.50 zone.
The analyst then glanced at the Ethereum chart. Contracter’s forecasts come as the market chilled double-digit gains in January.
Altcoin analyst points out triangle structure on Ethereum chart
As for Ethereum, Contracter says Ethereum (ETH) has formed a horizontal triangle that can break upwards:
The last leg in ETH and the end of almost four weeks outage will be resolved soon. My bias has grown, but my only concern is that the BTC structure looks completely different.
Altcoin analyst says Bitcoin is also trading in a similar triangle
Smart Contracter also says that Bitcoin (BTC) is in the midst of forming a three-wave pattern correction, setting lower price levels of $21,864 and $21,560 before a bounce:
If we’re doing an ABC drop in BTC, then the wave equivalency between this leg and the first leg should get us to $21,864, with the previous high and 4-hour 200 moving average not far from $21,560. These are the levels at which I would want to scale long positions.
What on-chain data says about Bitcoin
According to data from CryptoQuant, a metric that directly affects the price of BTC, foreign exchange reserves have dropped over the past week. The drop in foreign exchange reserves indicated that the selling pressure has eased and this is a positive sign for the market. However, one of the factors that could increase the selling pressure was the behavior of the miner. Miners could sell their BTC if faced with declining balances and declining revenue. According to data from Glassnode, miner balance dropped significantly last month, hitting a one-month low of 1.8 million yesterday.
📉 #Bitcoin $BTC Miners' Balance just reached a 1-month low of 1,822,891.794
Previous 1-month low of 1,823,291.941 was observed on 23 January 2023
View metric:https://t.co/cHhwgaCLee pic.twitter.com/8St5jRDkr9
— glassnode alerts (@glassnodealerts) February 9, 2023
Meanwhile, if miner revenue continues to decline, miners may have to sell their BTC to be profitable. Another factor that will increase the selling pressure on miners will be the decrease in their income. cryptocoin.comAs you follow, while some analysts are waiting for $12,000 in BTC price, a tough time seems to be imminent for miners.
