The smart contracter’s strategist predicts that Bitcoin could be on the verge of a deep correction that will bring the leading cryptocurrency to the bottom of a macro range.

According to the analyst, it is possible that Bitcoin will trade in a wide range from $ 69,000 to $ 30,000. Failing to break the top of the range, he said Bitcoin is on its way back to long-term support of around $ 30,000.

“What if we remove the June lows after removing all of the April highs in a larger structure that is destroying both the bulls and the bears?

I wouldn’t rule that out. It is also noteworthy that I have held onto my optimistic view for too long and underestimated the gravity and depth of this retreat.

If it happens like that, I think it will be much faster than described. ”

The source: Smart contractor

Looking at the Smart Contracter’s chart, Bitcoin appears to experience area-bound accumulation similar to that of the Dow Jones Industrial Average (DJI) from early 2000 to 2010. If the above scenario proves realistic, Bitcoin could drop below $ 30,000 before triggering a new parabolic rally.

Smart contracters too notice A deep correction will generate enough momentum to push Bitcoin above $ 100,000. At the time of writing, BTC is trading at $ 48,116.

However, according to on-chain analyst Will Clemente, Bitcoin’s current downtrend appears to be different from the May crash in several important ways.

Clemente to speak that “strong hands”, ie companies that hold more than 75% of the BTC, are now buying coins from “weak hands”, ie companies that hold less than 75%. He highlights this in contrast to the May bear market which showed the opposite.

The source: WC elements III

Clemente noted in a recent newsletter that the cost base (the average price a given group of investors would get into the market at) is an important metric to track for short-term Bitcoin holders. Bitcoin investors are considered short-term holders if their coins are held for less than 5 months.

“Bitcoin is below the short term holder’s cost base, which is currently $ 53,000. Until this level is restored, no price increase is foreseeable. I’m not a bear, but I have to be careful until the market shows me otherwise. ”

On the ETH side, smart contracters are currently cautious with the native token of the leading smart contract platform after the price broke the cross-support.

“The fact that ETH / USD is breaking this trend line is extremely worrying for me. Last week it looked like it could be saved, but the closure on December 14th made it absolutely terrible in my opinion. ”

The source: Smart contractor

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