Since bitcoin plunged to low $4,000 last month, the leading cryptocurrency has made a strong recovery as it rallied almost 10% from $6,600 to $7,200 in a strong upward swing just this week before retracing to $6,700 at the time of writing. But the leading cryptocurrency is still not out of the danger as short-term prediction is still bearish.
“Too early to call a bottom.”
The past couple of weeks have undoubtedly been positive for the leading cryptocurrency, which has led many to believe that a bottom is decisively in for the digital asset market, considering that the macro trends continue to favor bitcoin. But according to the crypto analyst, Smart Contractor, if we look at Bitcoin’s chart through the perspective of Elliot Wave analysis, the picture still seems quite bearish. The analyst tweeted the picture of the chart, saying that it is still too early to call for a bottom.
theres so many different ways you could count btc here.
either wxy, larger triangle, larger flat, im not too sure, the one thing that does stick out is the series of 3 wave moves and lack of 5 wave motives.
for this reason i think its still too early to call a bottom pic.twitter.com/WNBxJEcOdF
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) April 3, 2020
Crypto analyst predicted bitcoin’s fall of last month.
Smart Contractor has a strong track record of successfully analyzing the price of bitcoin and making quite accurate predictions. Earlier, the crypto analyst had predicted in mid-March that Bitcoin would fall back to the 2018 lows of $3,200 by the end of the month. In 2018, when the bitcoin was in the midst of a bear market, Smart Contractor remarked that he expected the cryptocurrency to find an ultimate bottom at $3,200. His prediction came true when Bitcoin plunged from $6,000 to a low of $3,150 in mid-2018.
It seems like bitcoin is still coupled with traditional markets at the moment, which might prove to be fatal for the leading cryptocurrency. The financial markets all over the world are poised to crash due to coronavirus outbreak. The USA has reported the highest number of unemployment cases in a very long down as businesses continue to suffer amid the global pandemic.
