Analyst Expects Significant Bitcoin Correction and Exits the Market

The world of cryptocurrency is filled with analysts who make daily price predictions. While most people are cautiously bullish at the moment, the pseudonymous Smart Contracter is expressing concern. This is the same analyst who accurately predicted Bitcoin’s bottom in 2018.

Smart Contracter Leaves the Market

In his latest message, Smart Contracter announces that he’s temporarily exiting the market. According to the pseudonymous analyst, based on the Elliot Wave Theory, Bitcoin could potentially drop to $22,000 from its current point. “That’s it, I’m stepping aside and waiting on the sidelines for now. It’s been a good start to the month, but I anticipate Bitcoin could experience a fallback to $22,000, and who knows what that might mean for altcoins,” says Smart Contracter.

The analyst leaves no room for ambiguity. While many analysts often provide vague statements like “it could go either way,” Smart Contracter is crystal clear and is stepping out at this level. Furthermore, the analyst envisions a potential new show of strength from the US dollar, which is showing signs of resurgence.

Strong Dollar on the Horizon?

Over the past few weeks, the prices of nearly all assets have had a chance to recover, as the US dollar continued to weaken. Now, the dollar seems to have regained some strength and may be entering a new phase of recovery as the world’s reserve currency. This could spell unfavorable conditions for Bitcoin, as Bitcoin tends to move in the opposite direction to the US dollar.

That weekly SFP on $DXY is straight up ringing alarm bells to me. I’m stabled up, good luck out there. pic.twitter.com/5WI5pbttkQ— Bluntz (@SmartContracter) February 3, 2023

Also, co-analyst Michaël van de Poppe, an analyst from the Netherlands, envisions a scenario in which Bitcoin could fall back to a price of $20,000. Slowly but surely, a bearish sentiment seems to be resurfacing. For now, all we can do is sit back and see what the future holds.

Paula

Paula onderzoekt met kritisch oog de markt van de automatische crypto trading platformen en schrijft algemene artikels over de wereld van de cryptovaluta.