A crypto strategist who accurately called the 2018 bear market bottom for Bitcoin (BTC) is issuing a fresh warning for the king crypto.
Pseudonymous analyst Smart Contracter tells his 210,000 Twitter followers that Bitcoin’s rally to around $24,000 last week now appears to be a trap set for BTC bulls.
“BTC back into last week’s breakout range indicating it was a bearish fakeout, closing this thread off now and will buy any new lows.”
Source: Smart Contracter/Twitter
The analyst highlights that he’s seeing bull traps in other cryptocurrencies, not just BTC, warning that new bear market lows for digital assets could be on the table.
“Back in stablecoins. Price action on everything is starting to look like last week’s breakouts were fakeouts. Had a good few weeks, not willing to give it all back. Will aggressively buy new lows ‘if’ they happen over the next week or two… It’s a hard market to trade right now but if we get a new low it will be such a high-conviction, all-in buy. I hope it happens.”
While Smart Contracter has flipped bearish on BTC, fellow crypto analyst Credible tells his 337,400 Twitter followers that he’s still bullish on Bitcoin as long as it stays above his invalidation level of $19,615.
“[BTC] may dip below first local support here [$21,600] as the reaction off it thus far has been pretty lackluster. That being said, looks to have completed a five-wave move to the upside, volume peak on the fifth [wave] and declining since, so looking for a higher low and continuation. Invalidation level on [the] chart.”
At time of writing, BTC is swapping hands for $21,081, down over 4% on the day.