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Smart Contracter foresees deep correction in altcoins

Smart Contracter, the crypto strategist who gained popularity for predicting the collapse of Bitcoin in 2018, said that the following weeks will see a decline in the performance of altcoins. The analyst based his speculation on the Bitcoin Dominance Index showing Bitcoin’s continuous rally in dominating the market.

‘Took profit on a whole bunch of altcoins, despite how much I love them. I think BTC dominance is going to have a big fuck off bounce from here and wreck them all. I’m really not sure at the moment whether this will be due to alts falling more than BTC or whether BTC pumps hard and fucks alts,’ he said in a recent tweet.

In his previous tweets, the pseudonymous trader also refuted the idea that the leading crypto asset would retrace to $20,000. Instead, he believed that Bitcoin would run at an all-time high in the coming weeks.

‘Ooof, nice buyback on BTC here, I’m long but it’s kinda ruining mah alt bags though. I think the run to $50,000 has begun,’ he posted on Twitter along with an image of Bitcoin’s recent performance in the market.

Another crypto analyst Michael van de Poppe stated in a video analysis that he expected BTC to skyrocket if it continues its price hikes. He shared, ‘In a bullish case, if we hold $43,000 and start grinding up, you know that the next target zone is around $60,000 to $63,000’.

Smart Contracter also mentioned on his Twitter account some altcoins that would be facing corrections in the following weeks. He foresaw that as BTC’s price rises, Litecoin’s correction will persist, reaching below $100. Moreover, he claimed that Ethereum is set for a decline before rising back up.

‘This is my new roadmap for ETH. Do I think it’s over? No. Do I think it’s coming deeper before higher? Yes. $1,200 is the sweet spot in my opinion’, he posted on Twitter.

Moreover, the trader remained optimistic about the performance of Bitcoin even after its decline in March 2020. He said in another tweet that the crypto asset will surge up to $50,000. At the time of writing, Bitcoin is priced at $52,190.21.

Read more cryptocurrency news and updates here at Cryptoshimbun.

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