A widely-followed crypto analyst and trader thinks the crypto markets may be poised for a turnaround.
The pseudonymous crypto strategist known in the industry as Smart Contracter tells his 104,000 Twitter followers he’s seeing signs that Bitcoin has hit a bottom, with a surge to a new all-time high above $60,000 in sight.
“Funding finally negative, lows swept, bought the dip.”
The trader says he’s keeping a close watch on FTX Token (FTT), which is the native asset of crypto derivatives trading platform FTX Exchange.
He expects the altcoin to bounce back faster and harder than the rest.
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“FTT, like it has been for months, will be one of the strongest and first to recover. Clean ABC structure, 20% dip and already bouncing hard from the lows.”
The trader uses the Elliott Wave theory, a technical analysis technique that attempts to predict price action by identifying market sentiment that manifests in recurring waves. According to the trader’s chart, he believes FTT will print a new all-time high above $40 once the correction across the crypto markets is over.
In addition, the analyst is looking at scalable smart contract platform TomoChain (TOMO), which he says has the potential to double its value against Bitcoin in the coming weeks.
“TOMO is now officially my largest alt bag. Textbook IHS (invese head and shoulders) 5 waves up and abc down to the 0.618 on the BTC pair, plus all the volume is in the right shoulder EXACTLY what we want to see in an IHS, expecting over 100% from here.”
The trader is also looking at the S&P 500’s bullish close as a barometer of investors’ recovering risk appetite.
“Strong buy back on equities, big SR flip, lots of volume, nice daily hammer forming. If equities turn north again here, I think it’ll likely save crypto as well.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Art Furnace
