A prominent crypto strategist and analyst says he is withdrawing from altcoin positions because he believes BTC and Ethereum are poised for a deep correction.
Smart Contracter: BTC and ETH will fall! That’s why I’m out of my altcoin positions
Known as the “Smart Contracter” in the industry, the analyst tells his 165,600 followers that he predicts Bitcoin (BTC) to drop below $40,000, while Ethereum (ETH) could drop below $3,000. Smart Contracter makes the following comments on the subject:
Despite how bullish they may seem, I have profited from many of my altcoin positions. I think BTC and ETH are about to form deeper C waves. Both correcting the 5-wave gains from July lows to $36,000 and $2,600, respectively, will affect everything.
Smart Contracter is tracking these 4 altcoins!
Smart Contracter relies on Elliott Wave theory, a technical analysis approach that predicts future price action by following the psychology of market participants, which tend to manifest in waves. According to the theory, an asset undergoes a significant decline (wave ABC) after completing a five-wave cycle in an uptrend. Recently, Smart Contracter said that it is looking at Solana (SOL) and Ethereum rival Avalanche (AVAX) for possible rallies.
Other cryptocurrencies on the analyst’s radar are Synthetix (SNX), a cryptocurrency that powers the trading of synthetic assets, and Curve (CRV), the management token of stablecoin decentralized exchange Curve Finance. Smart Contracter has known about $3,200 in Bitcoin, the 2020 rally, the great Bitcoin crash of 2020, and more. In addition, Smart Contracter stated and knew that Bitcoin will find the accumulation range and force a general altcoin market correction as it retreats towards $ 23,000.
Michaël van de Poppe: Outlook for Bitcoin still pretty good
While Smart Contracter expects a drop in Bitcoin price in the short term, fellow crypto analyst Michaël van de Poppe believes BTC is on the verge of starting a rally towards $50,000 after holding the key support level above $47,000. Michael van de Poppe comments on the subject as follows:
The outlook for Bitcoin is still pretty good.