dailyhodl.com
A popular crypto analyst and trader is predicting a massive run-up for Bitcoin ($BTC) and anticipates that smart contract platform Solana ($SOL) will also surge.
The pseudonymous trader known as Smart Contracter tells his 173,500 Twitter followers that Bitcoin is about to rocket to fresh all-time highs without any deep correction.
“No significant $BTC pullback in sight. We’re gunning straight to all-time highs. Markets rarely give you a second chance at sniping bottoms.”
While plotting a $BTC chart, Smart Contracter sees Bitcoin rising to a new all-time high of $70,000 as the leading crypto asset ignites a five-wave rally.
The trader’s prediction is based on the Elliott Wave Theory, a technical analysis approach that forecasts future price action by following the psychology of market participants that manifests in waves.
As for Ethereum ($ETH), the crypto analyst says that the leading smart contract platform has carved a bullish higher low setup and is now ready to rally above $3,700.
“Nice 0.618 test and higher low with trend being put in on $ETH [4-hour timeframe]. Breakout soon.”
The crypto strategist is also keeping a close eye on Solana, which he believes is nearly done with its corrective period in both the Bitcoin and USD pairs.
“[Wave] four low very close to being put in on $SOL/$BTC in my opinion. The same low on the USD pair already put in and just in some HTF [high timeframe] re-accumulation. The next move higher will be >100% [in my opinion].”
According to the Elliott Wave theory, wave four represents a corrective period before an asset ignites the last leg of its uptrend.