Categories: Ethereum

TOP analysts predict a deep correction for BTC and ETH and announce the withdrawal of positions on Altcoins

A prominent analyst says he is giving up his altcoin positions as he believes Bitcoin and Ethereum are facing a deep correction.

The person known in the industry as a smart contracter told his 165,600 followers that Bitcoin (BTC) could potentially drop below $ 40,000 while Ethereum (ETH) could drop below $ 3,000.

“Gaining money on altcoin positions, although I still consider them bullish. I think BTC and ETH both entered wave C of the ABC correction. This pattern forms after a 5-wave bullish impulse emanating from the July low. You can drop to $ 36,000 and $ 2,600 to complete wave C. “

BTC / USD daily chart | The source: Smart Contracter / Twitter

ETH / USD 12-hour chart | Source: Smart Contracter / Twitter

Smart Contracter is based on Elliott Wave Theory, a method of technical analysis that predicts future price movements by observing the psychology of market participants. In theory, an asset typically experiences a significant decline (Wave ABC) after completing a 5-wave bullish pulse.

Recently, a smart contracter said he is looking for potential rallies at Solana (SOL) and Ethereum competitor Avalanche (AVAX). Other coins on his radar include Synthetix (SNX), a cryptocurrency that supports trading in synthetic assets, and Curve (CRV), the governance token of the decentralized stablecoin exchange Curve Finance.

You can see the coin prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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