Bitcoin did not fare well in 2018. Over the course of that year, the cryptocurrency plunged by dozens of percent from prices well above $10,000 to as low as $3,150 by December, falling as a “Crypto Winter” formed.
The thing is, few expected for BTC to retrace that hard, with many in the middle of 2018 asserting that $6,000 was going to be the ultimate bottom for the then-embattled asset.
But, in June 2018, a trader going by “SmartContracter” said he is “calling a bottom at exactly $3,200, with a $200 leeway on either side.” As aforementioned, Bitcoin bottomed almost exactly where he expected.
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Considering that crazy track record, it should come as no surprise that when he speaks, people listen.
Top Analyst Warns of Further Retracement in Bitcoin
Hours later, he was proven right when the market started moving lower until the proverbial dam broke near the end of the day, sending LTC, Bitcoin, and other cryptocurrencies off a proverbial cliff. Prices for the assets dropped as much as 10% in a few minutes’ time.
In short, once again, SmartContracter accurately called a move in the ever-volatile and hard-to-track Bitcoin market.
$LTC looking pretty bearish here. alts have been leading btc most of the way up and we can see a bearish 4h pinbar at the 0.618 on ltc here.
i think that was a B wave up and we start doing C waves down across the board.
took a whole bunch of profit today and am mostly flat now
annnnnnd there it is, defo a much more aggressive dump then i was expecting, but very glad i took profits on everything this morning
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The thing is, per his chart, Litecoin still has further to fall. His analysis suggests that by the end of the month, LTC will be trading at $61 — still around 17% below the current price of $71.
This lines up with a previous Elliot Wave analysis he made, in which he noted that Bitcoin is likely to retrace to the mid-$8,000s, then begin its true bull run.
SmartContracter is open to seeing the price of Bitcoin surge towards the previous all-time high of $20,000 if the cryptocurrency breaks and retests $14,000 as support.
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