Traders who have pinpointed Bitcoin’s recent dip below $23,000 say they are ready to re-enter the market.
A pseudonymous analyst known in the industry as Smart Contracts has revealed that it switched to stablecoins last week in anticipation of BTC falling to $22,000.
Now that Bitcoin has returned to its recent highs of around $24,200 to $22,700, traders are To tell Top crypto is low enough to justify jumping into the market again.
His new BTC target is above $25,000.
“We are leaning towards W5 on the ongoing BTC and currently breaking the $25,000 high.
This could be the final daily push before further drops in the coming months. In my opinion, make the most of it. “
Traders use the Elliott Wave theory for analysis. It is based on the idea that the trader’s psychology often appears on charts in predictable waves of highs and lows.
smart contractor To tell He has also started accumulating Ethereum (ETH).
“Interestingly, ETH retreated from its highs in just three waves and found support around 0.618.
As such, ETH may be gearing up for another phase. Not only that, but he still looks bearish on ETH/BTC in my opinion. I am slowly increasing my exposure again. “
Traders are also bullish on Dogecoin (DOGE), saying the popular Memecoin has been strengthening against BTC for weeks.
“A very nice base has formed in DOGE/BTC in the last 4 hours. In my opinion, this accumulation will not last forever.”
Bitcoin was at $22,810 when it went public, down 1% over the past 24 hours. Ethereum is at 1,622, down 0.9%, while Dogecoin is at $0.09, down 3% on the final day.
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