A popular crypto trader known for accurately calling the 2018 Bitcoin (BTC) bear market bottom now says a huge Ethereum (ETH) price reversal is imminent.
Pseudonymous crypto analyst Smart Contracter tells his 211,400 Twitter followers that ETH is currently presenting a clear buying opportunity as it repeatedly respects the 200-week moving average.
According to the analyst, ETH is now targeting the $2,400 level, which is 80% up from current prices.
“The long-term buying opps have indeed presented themselves. ETH has been basing around the 200wma or five weeks now. You’ll have no excuses as to why you missed it when this weekly higher low resolves and starts moving up again, $2,400 is next in my opinion.”
At time of writing, Ethereum is changing hands at $1,337.
Smart Contracter is also bullish on altcoins in general. He says that the altcoin index on crypto exchange FTX has printed a bullish hammer pattern, forming a large falling wedge – traditionally a bullish pattern.
“Alts are looking GTG now imo, altcoin index on ftx had a huge hammer with a crazy ass wick from the 0.618 plus overall structure also looking like a falling wedge that’s begging to break up. I think nows the time to shoot your shots.”
While Smart Contracter thinks markets are ready to move up, fellow analyst Capo is telling his 559,600 Twitter followers that only a short relief rally is underway before another sizeable leg down unfolds. According to Capo, Bitcoin is ready to rally to about the $21,000 mark before a heavy correction down to the $14,000 level.
“Price action looking bullish. Heatmaps looking bullish…
All I see is a lot of shorts that should be squeezed. Shorting support is not a good idea. Send it to $21,000.”
Earlier this month, Smart Contracter forecasted a price surge for Dogecoin (DOGE), saying that the leading memecoin is primed to go higher after “insane” accumulation in its Bitcoin pair (DOGE/BTC).
“DOGE/BTC has the most insane looking high time frame accumulation going on. I haven’t seen something that looks like such a clean accumulation like this in a long time. I dare say revisiting this in a year’s time, DOGE will be a lot higher than $0.065.”
At time of writing, DOGE is changing hands at $0.059.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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