A popular crypto analyst known for calling the 2018 Bitcoin (BTC) bottom says altcoins may swing bullish after most of their gains this year were just erased.
The pseudonymous analyst Smart Contracter tells his 221,300 Twitter followers that Bitcoin and Ethereum (ETH) are finding support after dips, indicating a possible relief rally will occur in the crypto markets over the next few weeks.
“Unlike last week’s bear flag breakdown on BTC and ETH, this one is getting immediately bought back up indicating fakeout. Maybe were due for a few weeks of relief, might be time to long some of the alts that just got obliterated.”
Ethereum is trading for $1,537 at time of writing.
Smart Contractor says that Bitcoin was showing a bear pattern down to around $22,000, but that there were signs it may find support at that price level.
“Second bear flag on BTC broken down from now, finally starting to creep towards a strong support level.”
Bitcoin is worth $21,767 at time of writing.
Another crypto analyst, Altcoin Sherpa, is forecasting that choppy trading is in store for Bitcoin with a wide range between $13,000 and $30,000.
“BTC: This could be your trading range for the next several months. If it is, expect both ends of the range to get tapped (ie. $15,000), with some deviations on both ends (basically $30,000-$13,000 would probably be the range).”
Unlike Smart Contracter, Sherpa is warning that altcoins may further collapse in value and he predicts Bitcoin may dip into the $21,000 price range.
“BTC: Things looking shaky overall; we saw those lows get run but is it sustainable? The next several hours should provide decent insight if we hold this region or not. Lots more volume in the $21,000s. Alts continue to die if we go there.”
Generated Image: Midjourney
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