Bitcoin Could Be at the Start of a Strong Corrective Move to Macro Range Lows, Predicts Top Crypto Analyst

A popular crypto strategist and trader is saying that Bitcoin (BTC) could be on the verge of a deep corrective move that takes the leading cryptocurrency to macro range lows.

Pseudonymous analyst Smart Contracter tells his 197,000 Twitter followers it is possible that Bitcoin may be trading in a wide range between $69,000 and $30,000.

With Bitcoin failing to break the top end of the range, the crypto strategist says that BTC could be en route to its long-term support of around $30,000.

“What if we take out the June lows again after taking out the April highs all as part of a larger structure that ruins both bulls and bears?

I wouldn’t rule it out. Also on a side note, I maintained my bullish bias for too long and vastly underestimated the severity and depth of this dip.

If it happens like this, I think it will all happen much faster than depicted. It’s not drawn to scale. I’m just bad at drawing”

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Source: Smart Contracter/Twitter

Looking at Smart Contracter’s chart, Bitcoin appears to be mirroring the range-bound accumulation of the Dow Jones Industrial Average Index (DJI) between early 2000 and 2010. Should the crypto strategist’s script play out, Bitcoin could pull back below $30,000 next before launching a parabolic rally.

Smart Contracter also notes that the deep correction will put Bitcoin in a position to soar above $100,000. At time of writing, Bitcoin is trading at $48,116.

Looking at Ethereum (ETH), the crypto analyst says he’s now cautious on the leading smart contract platform after breaking its diagonal support.

“This trend line break on ETH/USD is super worrying to me. Over the last week, it looked somewhat salvageable but yesterday’s daily close sent it from looking [salvageable] to looking outright terrible, in my opinion.”

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Source: Smart Contracter/Twitter

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Featured Image: Shutterstock/Kiselev Andrey Valerevich

 

The post Bitcoin Could Be at the Start of a Strong Corrective Move to Macro Range Lows, Predicts Top Crypto Analyst appeared first on The Daily Hodl.

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