Due to the uncertainty of the Bitcoin (BTC) and crypto markets, predicting the following trend patterns for crypto assets is usually difficult. However, analysts always issue predictions for most crypto assets. While some predictions turn out to be accurate, some still fail to happen as predicted.
One analyst became popular because he released an accurate prediction for Bitcoin 2018 below six months before the period. However, the pseudonymous analyst and trader, Smart Contractor, is suddenly bullish in his new predictions.
Analysts Remove Bearish Attitudes On Bitcoin (BTC)
Smart contract take took to Twitter to inform his followers of his plan to eliminate the bearish bias in the BTC/USD trading pair. The recent decision is based on the recent price of Bitcoin which is already in a higher range.
Smart contract noted that Bitcoin can perform better than other cryptocurrencies in the future. He explained that the current BTC price action is more impressive due to its impulsive disposition. The analyst stated that he would like to move to a long position in the trade if the opportunity breaks.
Furthermore, Smart Contractor presents charts to explain possible price trends for leading crypto assets. For example, he predicted that Bitcoin would rise above $18,800. Also, he uses Elliot Wave Theory to support his technical analysis for BTC.
Smart Contractor reports that BTC will display a 5-wave pattern for the main trend, but the corrective movement will follow a 3-wave pattern. Also, he predicts that Bitcoin’s dominance in altcoins will reach 43%.
now that #btc broke out of this slow choppy area, im scrapping the bearish bias and looking for long pullbacks.
Price action looks impulsive to me right now and I also believe btc is on the cusp of taking dominance high btc in december will go up and btc outperform alts. pic.twitter.com/3oOYmky5Pb
— Bluntz (@SmartContracter) January 12, 2023
After the collapse of the crypto exchange FTX and the increasing intensity of the crypto season, the price of crypto dropped drastically. BTC loses value as pressure on all markets continues to increase. With fear and uncertainty, the price of Bitcoin is falling to the $15K region by November 2022. But the trend is turning bullish as volatility is now on the rise.
At the time of writing, Bitcoin is trading around $19,275, showing gains over the past 24 hours. The market capitalization is at $366.43 billion, showing a growth of 4.62% in the past day. Also, BTC’s dominance in altcoins is 40.26%.
Analysts Look for Opportunities to Buy Avalanche (AVAX)
Smart Contractor makes some interesting points about Avalanche (AVAX), a smart contract blockchain. Analyst mentioned that AVAX seems to have reached the bottom after the correction of 90% of the all-time high (ATH). For them, a downward correction from the Avalanche will be a buying opportunity.
At press time, Avalanche’s price was hovering around $15.53, representing a 4.19% increase in the past 24 hours. According to data from CoinMarketCap, Avalanche’s market cap is 4.92 billion, and its token is the 17th largest crypto asset. Its current market dominance is at 0.54%.
In addition to Smart Contractor, other crypto analysts have predicted a price rally for Bitcoin and the broader crypto market. A crypto analyst known as Kaleo reported closely monitor the stock market. He stated that a rise in traditional stocks would trigger a price rally for BTC and other assets.