A widely followed crypto strategist that correctly called Bitcoin’s (BTC) bottom in 2018 is making a major prediction for the king crypto.
Pseudonymous crypto trader SmartContracter tells his 216,500 Twitter followers that he believes the top crypto asset by market cap should find its bear market bottom within the next six months.
According to the analyst, all that’s missing is months of basing followed by an accumulation phase. Basing refers to the consolidation of an asset’s price accompanied by a decline in volume, usually right before a bull cycle.
“In terms of structure and percentage from the highs, I think we are close to a bottom, not quite there yet, but close.
All we’re missing now is the multi-month basing and accumulation. My best guess would be one more low then around six months of accumulation.”
Earlier this week, the prominent strategist said that BTC was primed to hit new bear market lows under the $15,000 price level.
Moving on to the leading smart contract platform Ethereum (ETH), the trader says that he envisions the price of the top altcoin dipping toward the $1,170 level before the start of 2023, adding that the trading window for those with long positions on ETH looks “done.”
“I think the range trade for longs on ETH looks done here, I think it’s far more likely now that we drift back down to the bottom of the range again, or at minimum, the 0.618 at $1,170.”
Bitcoin is changing hands for $16,950 at time of writing, a fractional gain on the day while Ethereum is moving for $1,250, a 1.7% increase during the last 24 hours.
Featured Image: Shutterstock/Ilya_Levchenko
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