A well-regarded crypto analyst who accurately predicted Bitcoin (BTC)’s year-end crash is updating his forecast for several altcoins.
Pseudonymous Crypto Trader Smart Contracter told his 205,800 Twitter followers, closing monthly, are looking good for a number of projects.
One altcoin on Smart Contracter’s radar is Fantom (FTM), which he says has already completed a corrective ABC pattern on the weekly timeframe. The trader is forecasting an explosive 190 percent move for the smart contract platform from its current level of $1.55 to a new all-time high of around $4.50.
“The weekly FTM looks like a big corrective ABC from the highs.
Another one that I think has an excellent shot at an all-time high this year.”
Source: Smart Contracter/Twitter
The trader adds that the high-performance blockchain Solana (SOL) is sending bullish signals on both the US dollar and the bitcoin pair.
Looking at SOL vs US Dollar (SOL/USD), Smart Contracter says The pair is showing a bullish reversal pattern at the end of a multi-month downtrend.
“The monthly charts closed today and one of the altcoins I like is Solana (SOL). For the US dollar pair, we have a textbook Morning Star pattern on the monthly time frame that occurred right at 0.618 [Fibonacci retracement level].”
Paired with Bitcoin (SOL/BTC), Smart Contracter says Solana has also completed a three-wave corrective (ABC) pattern, suggesting a trend reversal is on the horizon.
“Even with the Bitcoin pair, the entire structure looks like a clear ABC from above [pattern].”
Source: Smart Contracter/Twitter
Smart Contracter relies on Elliott Wave Theory, which predicts future price movements by following crowd psychology, which tends to manifest itself in waves. According to the theory, the completion of an ABC corrective pattern often results in a trend reversal.
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