Analysis

KOL Smart Contracter Believes BTC Could Break $30,000 Before Rebounding

An analyst who correctly called the bottom of the 2018 bear market is warning Bitcoin investors, saying BTC is in danger of breaching the $30,000 support level.

The person, who goes by the nickname Smart Contracter in the industry, told her 205,100 Twitter followers that Bitcoin’s recent surge from a low of $33,000 on Jan. 24 to a high of $45,000 on Jan. 24 was a major one seems to be a bull trap.

“BTC was unable to hold the 0.618 Fib level so it looks like a break above this downtrend line would have been a major bull trap.

Feels like a test of the downtrend and BTC may retest the $28,000 support in the near term.”

Source: Smart contractors/Twitter

At the time of writing, Bitcoin is changing hands at $35,402.

In December, with Bitcoin trading above $50,000, smart contracters predicted that BTC would see a sharp correction around $25,000.

“What if BTC breaks June low? I think this is similar to what price did at the April high, creating a false breakout before turning back the other direction. Also of note is that I maintained my bullish bias for too long and underestimated the severity and depth of this pullback.”

Source: Smart contractors/Twitter

The smart contracter appears to have based his analysis on the market structure of the Dow Jones Industrial Average as it traded in a wide range from 1998 to 2009 before breaking out and igniting a parabolic rally.

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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