Known for his accurate predictions for Bitcoin, the cryptocurrency analyst nicknamed Smart Contracter remains bullish on Bitcoin (BTC) even as the price of the leading crypto asset remains low, sharing his predictions to his 202,400 Twitter followers. We, as Kriptokoin.com, have compiled the analyst’s posts for our readers.
Has the bottom been seen for Bitcoin?
Smart Contracter says that Bitcoin has created a bullish reversal pattern known as the swing failure pattern. A swing failure pattern occurs when price fails to reach a new low in a downtrend or a new high in a bull trend, signaling a trend reversal.
Smart Contracter also states that the Bitcoin Fear & Greed Index, a sentiment indicator with values ranging from 0 to 100, remained in the lower quartile for days. Values between 0-24 indicate extreme fear, and scores between 25-49 indicate fear. A score between 51 and 74 indicates market greed, while a score above 75 indicates extreme greed. The last time the score was above 24 was on January 3rd.
According to the crypto trader, Bitcoin price action, which ended without falling below $41,000 on January 18, will be an indication of bottoming out:
A nice bullish Swing Failure Pattern above the structural support (0.618 Fibonnaci level) is forming for Bitcoin, we have also been in the extreme fear zone for almost 3 weeks. I think if the daily candle closes above roughly $41,000 in an hour on Jan 18, 2021, the bottom has been seen.
Bitcoin is trading at $43,319 at the time of writing, with the lowest point reached on January 18 at $41,250. In mid-2018, with Bitcoin trading above $5,000, Smart Contracter accurately predicted that the leading crypto would bottom around $3,200. You can learn the successful predictions of the analyst here.
