A prominent analyst says he is giving up his altcoin positions as he believes Bitcoin and Ethereum are facing a deep correction.
The person known in the industry as a smart contracter told his 165,600 followers that Bitcoin (BTC) could potentially drop below $ 40,000 while Ethereum (ETH) could drop below $ 3,000.
“Gaining money on altcoin positions, although I still consider them bullish. I think BTC and ETH both entered wave C of the ABC correction. This pattern forms after a 5-wave bullish impulse emanating from the July low. You can drop to $ 36,000 and $ 2,600 to complete wave C. “
BTC / USD daily chart | The source: Smart Contracter / Twitter
ETH / USD 12-hour chart | Source: Smart Contracter / Twitter
Smart Contracter is based on Elliott Wave Theory, a method of technical analysis that predicts future price movements by observing the psychology of market participants. In theory, an asset typically experiences a significant decline (Wave ABC) after completing a 5-wave bullish pulse.
Recently, a smart contracter said he is looking for potential rallies at Solana (SOL) and Ethereum competitor Avalanche (AVAX). Other coins on his radar include Synthetix (SNX), a cryptocurrency that supports trading in synthetic assets, and Curve (CRV), the governance token of the decentralized stablecoin exchange Curve Finance.
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Dailyhodl