According to the smart contracter, Bitcoin could make a sharp correction to $ 30,000 ahead of momentum to $ 100,000

A smart contractor strategist predicts that Bitcoin may be on the cusp of a deep retracement that will push the leading cryptocurrency to the bottom of the macro level.

According to the analyst, it is possible that Bitcoin will trade in a wide range from $ 69,000 to $ 30,000. Unable to break the upper end of the range, he said that Bitcoin is returning to long-term support of around $ 30,000.

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

I would not rule it out. It is also worth noting that I have held on to my optimistic outlook for too long and underestimated the seriousness and depth of this retreat.

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

A source: Smart contractor

Looking at the Smart Contracter chart, it looks like Bitcoin is experiencing area anchored accumulation similar to the Dow Jones Industrial Average (DJI) accumulation from early 2000 to 2010. parabolic rally.

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

However, according to network analyst Will Clemente, Bitcoin’s current downtrend appears to differ from the May crash in several important ways.

Clemente talk that “strong hands”, that is, companies that own more than 75% of BTC, now buy coins from “weak hands”, that is, companies that own less than 75%. He emphasizes this in contrast to the May bear market, which showed the opposite.

A source: WC III elements

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

“Bitcoin is below the short-term holder’s base value, which is currently $ 53,000. Until this level is restored, no price increases are expected. I am not a bear, but I need to be careful until the market shows me otherwise. ”

On the ETH side, smart contractors are currently wary of the leading smart contract platform’s own token after the price broke cross-support.

“The fact that ETH / USD is breaking this trendline worries me very much. Last week it looked like it could be saved, but the closing on December 14th made it, in my opinion, downright terrible. ”

A source: Smart contractor