The pioneering cryptocurrency, Bitcoin, has recently broken through the $18,800 mark after struggling to move beyond $17,000. This bullish trend has affected the entire crypto market, as most of the major cryptocurrencies are currently controlled by bulls. Additionally, the global crypto market capitalization has risen by 2.87% in the last 24 hours, and is currently valued at $910 billion.
One notable crypto analyst and trader, Smart Contracter, who had previously predicted the bottom of the market in 2018, has now reversed his stance on Bitcoin. He informed his 218,100 Twitter followers that his bearish outlook on Bitcoin has changed, and that he is now considering taking long positions if there is a breakdown.
Bitcoin At $20k Soon ?
The analyst also claims that Bitcoin will soon outshine other cryptocurrencies if the pace is maintained.
As indicated by the chart, the strategist is suggesting that Bitcoin has already surpassed $18,800, and will continue to climb. Smart Contracter’s prediction is based on the Elliot Wave Theory.
At the time of publication, Bitcoin is trading at $18,918, having risen by 3.94% in the last 24 hours.
Additionally, the analyst also mentions Bitcoin’s dominance in the market, stating that it will increase from its current 38% to 43%.
Lastly, Smart Contracter discuss about Avalanche (AVAX), a smart contract blockchain. As per the trader, Avalanche has dropped by nearly 90% from its all-time high. He also states that when AVAX makes a downward move, he will consider purchasing it.
At present, Avalanche has gained 2.35% over the last 24hrs and is now valued at $15.65.
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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.