Due to the uncertainty in the Bitcoin (BTC) and crypto market, it is usually difficult to predict the next trend pattern for crypto assets. However, analysts have always released forecasts for most crypto assets. While some projections turned out to be accurate, some still didn’t come out as predicted.
One analyst gained popularity for releasing an accurate forecast for Bitcoin’s 2018 bottom six months before the period. However, the pseudonymous analyst and trader, Smart Contracter, is suddenly bullish in its recent forecasts.
Analyst Scraps Bearish View on Bitcoin (BTC)
Smart contractor taken took to Twitter to inform his followers of his plan to scrap his bearish bias on the BTC/USD trading pair. His new decision was based on the recent breakout of Bitcoin price to a higher range.
Smart contractor noted that Bitcoin could outperform other cryptocurrencies in the future. He explained that the BTC price action is currently more impressive due to its impulsive attitude. The analyst revealed that he wanted to switch to long positions in his trades as soon as the opportunity presented itself due to a breakdown.
Furthermore, Smart Contracter projected charts to explain the possible price trend for the leading crypto asset. For example, he predicted that Bitcoin would rise more than USD 18,800. He also used Elliot Wave Theory to support his technical analysis for BTC.
Smart Contracter reported that BTC would display a 5-wave pattern for its primary trend, but the corrective move will follow a 3-wave pattern. He also predicted that Bitcoin’s dominance over the altcoins would reach 43%.
Which #btc broke out of this slow choppy grind, I scrap the bearish bias and look forward to long pullbacks.
Price action now seems impulsive to me and I also believe that with btc about to beat December high btc dominance will rise and btc will outperform alts. pic.twitter.com/3oOYmky5Pb
— Bluntz (@SmartContracter) January 12, 2023
After the collapse of the FTX crypto exchange and the increasing intensity of the crypto winter, crypto prices fell dramatically. BTC lost its value as pressure continued to mount throughout the market. With fear and uncertainty mounting, the price of Bitcoin fell to the $15,000 region in November 2022. But the trend is turning bullish as volatility increases.
At the time of writing, Bitcoin is trading around $19,275, indicating an increase over the past 24 hours. Its market capitalization is $366.43 billion, representing growth of 4.62% in the past day. Also, BTC’s dominance over altcoins is 40.26%.
Analyst seeks opportunity to buy Avalanche (AVAX).
Smart Contracter gave some notable points about Avalanche (AVAX), the smart contract blockchain. The analyst called that AVAX seems to have bottomed after the 90% correction from the all-time high (ATH). For him, a future downgrade of Avalanche will be a buying opportunity.
At the time of writing, the price of Avalanche is hovering around $15.53, up 4.19% in the past 24 hours. According to data from CoinMarketCap, Avalanche’s market cap is 4.92 billion and the token is ranked as the 17th most important crypto asset. Its market dominance now stands at 0.54%.
In addition to Smart Contracter, another crypto analyst has predicted a price rally for Bitcoin and the wider crypto market. A crypto analyst known as Kaleo reported closely monitor the stock market. He stated that a rise in traditional stocks would trigger a price rally for BTC and other assets.