The crypto strategist who predicted Bitcoin’s (BTC) 2018 bear market floor says the king crypto and Ethereum (ETH) are gearing up for rallies.
Pseudonymous analyst Smart Contracter tells his 214,700 Twitter followers that he expects Bitcoin to surge to $17,841 after it dropped to his downside target of $16,200.
“Love it when things go to plan.”
At time of writing, Bitcoin is switching hands for $16,271, suggesting an upside potential of nearly 10% should BTC hit Smart Contracter’s target.
Looking at leading smart contract platform Ethereum, Smart Contracter predicts a close to 16% rise for ETH after completing a corrective move.
“Even ETH has given us a nice clear ABC [wave], correcting last week’s five-wave rise.
Buy these dips, and hold for about a week or two [to] range highs in my opinion.”
Smart Contracter is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves. According to the theory, an asset typically goes on a price rally after completing an ABC wave.
Looking at the analyst’s chart, he appears to be expecting ETH to rally toward his target of $1,350. At time of writing, ETH is valued at $1,167.
The crypto strategist is also keeping a close watch on the peer-to-peer payments network Litecoin (LTC), which he says has broken out of its diagonal resistance on the lower timeframes.
“LTC looking spicy on the low timeframes here.”
At time of writing, Litecoin is trading at $75.72.
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This article was originally reported on The Daily Hodl.