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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Analyst Who Predicted Bitcoin’s Crash to $3,000 Says This Comes Next

Nick Chong
Nick Chong
1 year ago
2 mins read
what crashed crypto market

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Over the past few days, Bitcoin saw some bullish price action for the first time in weeks. This rally took the asset as high as $6,900, up 80% from the $3,800 bottom seen last week and up 28% from the $5,400 baseline.  Unfortunately, it ended abruptly just hours ago, with the cryptocurrency seeing a strong rejection at $6,900 to fall as low as $5,700.

According to a prominent analyst, this rejection is a likely precursor to further pain for this market in the coming week.

Related Reading: Scarily Accurate Fractal: Bitcoin Will Trade at $20,000 By Q1 2021

Bitcoin Could Revisit $3,000s, Warns Top Analyst

Smart Contracter, a prominent cryptocurrency trader, recently remarked that the recent rally looks “corrective,” suggesting that a reversion to a bear trend is likely:

“Haven’t done a BTC update in a while, but structurally this rise looks corrective, I think this was an ABC and we continue lower here.”

His chart, based on Elliot Wave analysis, suggests that BTC will fall as low as $3,200, the 2018 bear market low, by the end of the month. Should this take place, that means Bitcoin will fall 45% from the current price of $5,800.

havent done a $btc update in a while but structurally this rise looks corrective, i think this was an abc and we continue lower here pic.twitter.com/kzibbSFryh

— Bluntz (@Bluntz_Capital) March 20, 2020

While many crypto investors are skeptical of the validity of Elliot Wave analysis, Smart Contracter has a strong track record in analyzing the ever-volatile cryptocurrency markets, giving credence to his commentary.

In the middle of 2018, when Bitcoin was in the midst of a bear market, Smart Contracter revealed at which point he expects BTC to bottom, writing:

“I’m calling a bottom at exactly 3.2k with a 200 dollar leeway either side.”

By the middle of December, his forecast was proven to be right when Bitcoin plunged from $6,000 to a low of $3,150 over the span of a few weeks, then established a macro bottom at that level. Furthermore, he predicted shorter-term price moves over the past few months, like calling some of Bitcoin’s rally early this year and the crypto market’s decline in mid-February.

Related Reading: As Ripple’s XRP Holds Key Level, Analyst Eyes 100% Rally: Here’s Why

Not Only One That Thinks $3,000 Is Possible

Smart Contracter is far from the only analyst and industry commentator to have suggested that Bitcoin could revisit $3,000 in the coming weeks.

Per previous reports from NewsBTC, Vijay Ayyar, head of business development at Luno, explained to Bloomberg that Bitcoin could found itself in a range between $3,000 to $6,500 in the coming months prior to breaking higher to start a new bull run:

This is classic redistribution and would be very healthy for future Bitcoin price action and if we were to have bullish momentum going forward.

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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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