Source: dailyhodl.com
The crypto strategist who accurately nailed the 2018 Bitcoin (BTC) bear market low is mapping out what’s ahead for the king crypto after it reached fresh 2022 lows.
Pseudonymous analyst Smart Contracter tells his 214,000 Twitter followers that Bitcoin is likely not yet done correcting even after it printed a new bear market low of $17,579.
According to the crypto strategist, it is within the realm of possibility for Bitcoin to plunge all the way down to around $16,000 before any meaningful recovery could take place.
“The first stage of the sweep [is done]. Now we wait patiently for price to close back into the prior breakdown range on daily timeframe and go all in.
It might go lower first, it might not, but the reclaim will be absolutely critical.”
Looking at the analyst’s chart, he appears to predict that Bitcoin will likely ignite another leg down before rallying to $24,000 and retesting the $18,000 level as support.
At time of writing, Bitcoin is changing hands for $18,505, down nearly 10% on the day.
Meanwhile, fellow crypto trader Loma tells his 275,900 Twitter followers that today’s Bitcoin crash could be an epic opportunity for long-term BTC bulls.
“If you’re looking at things from a long-term perspective, this isn’t a bad area to be a buyer. Days like today are brutal blessings.”
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