Analyst Who Called Fall Of Bitcoin In 2018 Issues New Warning

The crypto market is looking pretty mixed today with most of the coins trading in the red, but there are also digital assets that are trading int he green as well.

Bitcoin is not one of them, and at the moment of writing this article, the king coin is trading in the red, and it’s priced at $9,135.92.

Bitcoin is poised for a correction

A crypto strategist who is known for accurately predicting the Bitcoin bear market bottom back in 2018 said that Bitcoin is about to see a significant correction.

At the moment, Bitcoin continues to move in tandem with the stock market.

The analyst is known as Smart Contractor and he says he is short-term bearish on both Bitcoin and stocks.

“Equities and BTC both look cooked. This is not re-accumulation, sorry.”

The online publication the Daily Hodl noted that the trader’s current sentiments are aligning with his previous analysis that Bitcoin and the S&P 500 have been “highly correlated” since the coronavirus pandemic popped up this year.

The Daily Hodl writes that “He believes that both asset classes are in the midst of an ABC corrective wave, which is an Elliott Wave principle suggesting a temporary retracement in a bullish market.”

After that pattern is complete, BTC will resume the uptrend once again, he says.

The analyst became more popular when he called the bear market back in 2018:

There have been all kinds of optimistic predictions for the king coin, especially after the May halving.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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