Crypto Analyst Expects Bitcoin Price Bounce From $26,000 Range

The cryptanalyst who correctly determined the minimum price of Bitcoin (BTC) in 2018 believes thatThe top cryptocurrency is poised for a rebound after falling to around $26,500 yesterday.

Ahead of the recent BTC price drop, a Smart Contracter analyst tweeted (social network banned in Russia) that on the hourly chart, Bitcoin is showing signs of bullish exhaustion and could return to the $26,000 range.

Source: Smart Contractor

After yesterday's corrective move, Smart Contracter noted that BTC's pullback is likely complete. In his opinion, it is unlikely that the main cryptocurrency will return to support around $25,800.

Okay, we have covered the BTC lows, the minimum recovery target has been reached. I don't think we'll get a retest of the picture on the higher timeframes.

Source: Smart Contractor

Smart Contracter applies Elliott Wave Theory,an advanced approach to technical analysis that allows you to determine future price action by studying the psychology of the masses. She, in turn, tends to manifest itself in waves. According to the theory, a bullish asset usually resumes an uptrend after a correction.

Today, the price of bitcoin is predominantly hovering above the $27,000 mark.

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