The groundbreaking cryptocurrency Bitcoin recently broke through $18,800 after struggling to break above $17,000. This uptrend has impacted the entire crypto market as most of the major cryptocurrencies are currently controlled by bulls. Additionally, the global crypto market cap is up 2.87% in the last 24 hours and is currently valued at $910 billion.
A notable crypto analyst and trader, Smart Contracter, who previously predicted the market bottom in 2018, has now reversed his stance on Bitcoin. He shared with his 218,100 Twitter followers that his bearish outlook on Bitcoin has changed and that he is now considering going long if a collapse occurs.
Bitcoin near $20,000?
The analyst also claims that if the pace is maintained, Bitcoin will soon eclipse other cryptocurrencies.
Now that #btc has broken out of this slow choppy grind up, I’m discarding the bearish bias and looking to long pullbacks.
Price action seems impulsive to me now and I also believe that with BTC on the cusp of taking out the December high, BTC dominance will increase and outperform BTC Alts. pic.twitter.com/3oOYmky5Pb
— Bluntz (@SmartContracter) January 12, 2023
As can be seen from the chart, the strategist suggests that Bitcoin has already surpassed $18,800 and will continue to rise. Smart Contracter prediction is based on Elliot Wave Theory.
At the time of publication, Bitcoin is trading at $18,918 after gaining 3.94% over the past 24 hours.
In addition, the analyst also mentions Bitcoin’s dominance in the market, stating that it will increase to 43% from the current 38%.
Avalanche (AVAX)
Finally, smart contracters are discussing Avalanche (AVAX), a smart contract blockchain. According to the trader, Avalanche is down nearly 90% from its all-time high. He also states that he will consider buying AVAX if there is a downside move.
Now that Avax has broken out of that high time frame and ends diagonally with a god candle, it looks like a bottom to me.
Defo can’t hunt here but 100% back on my radar for pullback buying pic.twitter.com/7Ijb4jlajN
— Bluntz (@SmartContracter) January 12, 2023
Currently, Avalanche is up 2.35% in the last 24 hours and is now valued at $15.65.
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