Analyst Known for Calling Bitcoin and Crypto Bottoms Issues Alert to Altcoin Traders

Bitcoin (BTC) hit 2018 trough, crypto strategist believes we’re weeks away from a strong start to the year.

A pseudonymous analyst, Smart Contracter, has told his 219,300 Twitter followers that many altcoins have already completed five wave rises.

Analysts refer to the core principles of Elliott Wave Theory. This is a technical analysis approach that attempts to predict future price action according to crowd psychology that tends to emerge in waves. According to theory, bullish assets are likely to witness a correction move after going through a five-wave uptrend.

The smart contractor is

People are mimicking alts with higher expectations but I am sure they have been gearing up for the top in the last few weeks especially with altcoins. , most notably TOTAL3. [the market cap of] All alts except BTC and ETH. “

Looking at the analyst’s charts, he expects the market cap of all altcoins, excluding Ethereum, to fall by nearly 10%, from about $365 billion to $330 billion, a significant drop for cryptocurrencies other than Bitcoin and ETH. suggests downside risk.

One altcoin that traders have been eyeing is Ethereum rival Avalanche (AVAX). Smart Contracter has shared charts showing AVAX has completed his 5-wave rally on his 8-hour chart, which could correct to around $15.

As of this writing, AVAX is changing ownership for $20.72.

Crypto strategists are also eyeing decentralized Oracle Chainlink (LINK). LINK is also likely to complete his five-wave surge and return to levels just above $6, according to the charts he shared on his Twitter.

At the time of writing, LINK is trading at $7.31.

The same is true for interoperable blockchain Cosmos (ATOM), according to Smart Contracter. Analysts also believe ATOM has completed his five-wave climb.

At the time of writing, ATOM is trading at $13.71.

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