A closely followed crypto analyst says he’s bullish on one Ethereum (ETH) competitor and predicts a potential trend reversal for Bitcoin (BTC).
Pseudonymous analyst Smart Contracter tells his 204,500 Twitter followers that he’s following the price action of smart contract platform Avalanche (AVAX).
The crypto strategist says he believes AVAX is gearing up for a strong rally after completing a corrective pattern.
“Where alts are concerned, I’m really digging AVAX. Not only did it have a very strong reaction from a very major 0.618 level but also [the] move down from the highs was a three-wave corrective ABC. Expecting this to outperform many alts, potentially even [an] all-time high.”
Smart Contracter is a popular practitioner of Elliott Wave theory, a technical analysis technique that predicts future price action by following crowd psychology that tends to manifest in waves. According to the Elliott Wave theory, the resumption of an uptrend is likely after an asset completes an ABC correction.
Looking at Bitcoin, the crypto analyst says BTC is showing signs of strength after managing to close above the diagonal resistance that has kept the king crypto bearish since November.
“Solid daily close above downtrend. First signs of bullish market structure in almost three months.”
Smart Contracter is long-term bullish on Bitcoin. Last month, when BTC was threatening to breach support at $30,000, the crypto strategist predicted that Bitcoin will rally above $100,000 this year.
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Source: https://dailyhodl.com/2022/02/06/one-ethereum-rival-gearing-up-for-new-all-time-highs-as-bitcoin-btc-flashes-trend-reversal-crypto-analyst/