https://ift.tt/qYxrwsb Analyst Who Accurately Called 2018 Bitcoin Bottom Predicts Massive Correction for Ethereum Competitor Terra (LUNA)

jav
April 12, 2022
12:48 pm

Crypto Analyst Who Accurately Called 2018 Bitcoin Bottom Predicts Massive Correction for Ethereum Competitor Terra (LUNA)

https://ift.tt/625oRvU

A closely followed crypto strategist who correctly called the Bitcoin (BTC) bottom during the 2018 bear market is predicting a deep correction for decentralized finance payment network Terra (LUNA).

Pseudonymous crypto analyst Smart Contracter tells his 207,000 Twitter followers that LUNA has completed its five-wave rally and is now en route to a full-blown bearish reversal.

“I think LUNA finally put in a long-term top. Clear five-wave rise on weekly with a bearish engulfing to confirm the top.

This will come down a minimum of 50% or so in my opinion.”

Source: Smart Contracter/Twitter

Smart Contracter subscribes to the Elliott Wave theory, a technical analysis approach that predicts future price action by following crowd psychology that tends to manifest in waves. According to the theory, an asset goes through a five-wave cycle before a major trend reversal.

Looking at the analyst’s chart, LUNA appears to be headed to $25, representing a downside potential of nearly 70% from its current price of $83.05.

The crypto strategist is also looking at Bitcoin, which he says is in the midst of a five-wave correction on the lower timeframe.

“BTC [is] now in the process of an impulsive five-wave decline on four-hour [chart], so expecting a nice relief bounce to $45k or so in the coming days, then further downside. $37-$38k is new key support.”