Cryptoanalyst who accurately called Massive Bitcoin Collapse forecasts Ethereum Rally, updates Outlook on BTC
A crypto strategist who built up his large following with timely Bitcoin talks, says he expects rallies for both BTC and Ethereum (ETH).
Pseudonym analyst Smart Contracter tells its 208,700 Twitter followers that a sustained Ethereum bounce is in sight after the leading smart contract platform managed to stay above the 0.618 Fibonacci level.
“Nice move from 0.618 at ETH, looks good for a move to $ 1400 or so. Can definitely tell that volatility is declining as it took bounce days to actually get a decent bounce from this level.”
At the time of writing, Ethereum is changing hands for $ 1,134, down just over 1% on the day.
When we look at Bitcoin, Smart Contracter says that BTC also had a constructive reaction around the 0.618 Fibonacci range, which he notes bodes well for the top crypto by market value.
“Beautiful reaction from 0.618 on BTC right into the daily close. It pays to have a plan and implement it.”
Bitcoin’s reaction above the 0.618 Fibonacci level is in line with Smart Contractors’ view that BTC is preparing for a rally. Late last month, the analyst said that Bitcoin traders seemed to be accumulating BTC, and he expected a jump to at least $ 24,000.
“Every day BTC starts to look more and more like accumulation. Planning to bid between $ 19,000- $ 19,000, whether it’s the ultimate bottom or just a medium bid, I’m still unsure, but I think we’ll get a minimum of $ 24,000.”
At the time of writing, Bitcoin is trading at $ 20,273.
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Disclaimer: Opinions expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
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