{"id":10748,"date":"2022-08-29T18:53:51","date_gmt":"2022-08-29T23:53:51","guid":{"rendered":"http:\/\/blog.jlbn.net\/?p=10748"},"modified":"2022-08-29T18:53:53","modified_gmt":"2022-08-29T23:53:53","slug":"new-low-incoming-for-bitcoin-warns-analyst-who-called-2018-btc-bottom-heres-his-target","status":"publish","type":"post","link":"http:\/\/blog.jlbn.net\/?p=10748","title":{"rendered":"New Low Incoming for Bitcoin, Warns Analyst Who Called 2018 BTC Bottom \u2013 Here\u2019s His Target"},"content":{"rendered":"\n<p>A widely followed crypto analyst and trader is expressing short-term bearish sentiment for the leading digital asset Bitcoin (<a href=\"https:\/\/dailyhodl.com\/currencies\/bitcoin\/\" rel=\"noreferrer noopener\" target=\"_blank\">BTC<\/a>).<\/p>\n\n\n\n<p>Pseudonymous analyst SmartContracter\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/twitter.com\/SmartContracter\/status\/1561833217183088640\" target=\"_blank\">tells<\/a>\u00a0his 210,600 Twitter followers that Bitcoin is set to hit a new low, after which it will spark a rally.<\/p>\n\n\n\n<p><em>\u201cOn the lower time frames, I think we have at least another new low to come before we see any kind of relief bounce for BTC.\u201d<\/em><\/p>\n\n\n\n<p>According to the trader\u2019s charts, Bitcoin could drop to just above $20,000 based on Fibonacci retracement levels and the Elliott Wave Theory.<\/p>\n\n\n\n<p>The crypto analyst shows that Bitcoin is about to complete the fifth wave of its main trend, after which it will start a correctional move upwards in a three-wave pattern upon hitting the 0.618 Fibonacci retracement level.<\/p>\n\n\n\n<p>The Elliott Wave Theory states that the main trend of an asset\u2019s price moves in a five-wave pattern (i, ii, iii, iv, v) while its sub-trend, which is a correctional move, occurs in a three-wave pattern (A, B, C).<\/p>\n\n\n\n<p>Fibonacci retracement levels are a method of technical analysis for determining an asset\u2019s support and resistance levels based on the famed Fibonacci number sequence.<\/p>\n\n\n\n<p>SmartContracter&nbsp;<a href=\"https:\/\/twitter.com\/SmartContracter\/status\/1562284729059409922\" rel=\"noreferrer noopener\" target=\"_blank\">says<\/a>&nbsp;that once Bitcoin reaches his downside target of around $20,500, it could then go up by double-digit percentage points.<\/p>\n\n\n\n<p><em>\u201cLooking for one more low on BTC and I would be happy to long for a 10-15% or so move up. The 0.618 [Fibonacci retracement level] is slightly lower at $20,500, so that seems logical.\u201d<\/em><\/p>\n\n\n\n<p>Bitcoin is trading at $21,340 at the time of writing, a fractional gain on the day.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A widely followed crypto analyst and trader is expressing short-term bearish sentiment for the leading digital asset Bitcoin (BTC). Pseudonymous<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3423,254,3421],"tags":[3472,3440,3426,888],"_links":{"self":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10748"}],"collection":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10748"}],"version-history":[{"count":1,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10748\/revisions"}],"predecessor-version":[{"id":10749,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=\/wp\/v2\/posts\/10748\/revisions\/10749"}],"wp:attachment":[{"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10748"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.jlbn.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}