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A pseudonymous analyst who correctly called the 2018 Bitcoin BTC/USD bottom, predicted that BTC’s rally to $18,000 could turn out to be a fake.
What Happened: Smart contracter told his 216,000 Twitter followers that he expects a possible comeback down the range. The analyst predicts a floor level of $14,250 for Bitcoin.
See more: Best Crypto Day Trading Strategies
In a tweet, ‘Smart contracter’ said after a hawkish FOMC, the past few months have been okay for range traders, but overall the market has been extremely choppy.
A Twitter user commented on the thread, range low, range high, downward trend continuing, referring to the fact that the current market is similar to 2020 markets. The analyst responded by stating: This it’s amazing how many times this has been done now, even in this last bear market.
On Dec. 8, the analyst said Bitcoin’s rally from its current bear market low of $15,546 was likely coming to an end.
I am still convinced for now that this rise in BTC is part of a corrective ABC fourth wave before creating a new low below $15,000 in Q1 2023 where we find a longer term low.
Price Action: At the time of writing, Bitcoin was trading at $17,725 down 0.95% in the past 24 hours, according to data from Benzinga Pro.
Read next: Bitcoin, Ethereum, Dogecoin Mixed After Fed Rate Hike: Analyst Says Apex Crypto’s Path To $20,500 Is ‘Open’
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