A crypto analyst known for correctly calling Bitcoin’s 2018 bottom says he believes BTC is gearing up for a major breakout that will come at the expense of many altcoins.
The analyst, known in the industry as SmartContracter, says he believes it won’t be long before Bitcoin stops coiling inside a symmetrical triangle and breaks out.
“BTC hasn’t broken out of its triangle YET, but it will and it will be glorious.”
If and when BTC breaks out and increases its dominance of the overall crypto market, the analyst expects many altcoins to suffer in the short term.
“I’m about 90% BTC right now. Sold most of my alts and the remaining stronger ones like ETH I’ve aggressively trailed up stops. When BTC blows through 10k you wont want to be holding alts.”
SmartContracter relies on Elliott Wave Theory for his analysis, which examines wave patterns that can reveal the repetitive behavior of market participants.
He calls out four altcoins in particular that could be hit in the short term.
“I am very weary on alts here. Very ugly daily candles forming on a lot of the majors. EOS, XRP, BCH and LTC all look like trash and likely going to have deeper C waves and head [toward] lower highs start forming here.”
Despite his optimism on Bitcoin, the analyst says BTC may face another significant selloff before crossing $10,000. He will remain bullish as long as the crypto king stays above $8,600.
“I do believe a major bottom is in, however I also think we can have a selloff first. BTC dominance also looking bullish, basically I just converted my alts into BTC as I’m still bullish on BTC.”
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