Benzinga - The crypto analyst, who first predicted Bitcoin's (CRYPTO: BTC) 2018 bottom, said that since BTC surpassed the $18,000 mark and left the "slow and choppy climb-up" phase, they have ceased holding a bearish attitude and are examining the opportunity for "long" pullbacks.
What Happened: ‘Smartcontracter’ told his 218,000 followers on Twitter that Bitcoin's current price action appears to be impulsive and they are expecting BTC's dominance to increase as it is approaching its December high.
The analyst is predicting that BTC may outperform altcoins in the coming months.
now that #btc broke out of this slow choppy grind up, im scrapping bearish bias and looking to long pullbacks.See More: Best Crypto Day Trading StrategiesPrice action looks impulsive to me now and i also believe with btc on the cusp of taking out the december high btc dominance will rise and btc outperform alts. pic.twitter.com/3oOYmky5Pb
The analyst had accurately predicted on Dec.19 that Bitcoin is looking to take one more bearish leg down before seeing a large counter-trend that will push the price up to $17,500.
PA on #btc looking impulsive here on hourly imo.Bitcoin gained $18,000 level after two-months. Crypto enthusiasts have something to cheer about as the rally is a gleam of hope in an otherwise dark period for the industry. Mohammed Roshan, co-founder of GoSats in an analyst note told Benzinga, "Bitcoin has been having sideway movements for the past few months now. I reckon this was a phase of capitulation. Looking at technical analysis, this does seem like a relief rally. We are still not out of the woods and I think in this year of 2023, bitcoin is going to hover around $20,000 to $30,000 before picking up momentum for next year. "I think one more minor leg down, then a larger counter trend bounce into early-middle of the week and form a lower high around 17.5kish. pic.twitter.com/RTj0hianSC
— Bluntz (@SmartContracter) December 18, 2022
Price Action: BTC was trading at $18,223 up 4.64%, in the last 24 hours, according to Benzinga Pro.
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