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.
#1
btc and equites correlation.
i’ts hard to deny that since the feb corona virus top equites and btc have been HIGHLY correlated to each other.
I was bullish on btc here but am beginning to think a 5 wave move up and larger abc down may now be underway. pic.twitter.com/HQUqpHnHl7
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) June 16, 2020
The analyst became more popular when he called the bear market back in 2018:
Im calling a bottom at exactly 3.2k with a 200 dollar leeway either side.
Will retweet the shit outta this when it happens.
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) June 23, 2018
There have been all kinds of optimistic predictions for the king coin, especially after the May halving.
