A well-known trader in the cryptocurrency market with the name, Smart Contracter has revealed that the next target for Bitcoin is anything above $25,000.
The highly followed crypto analyst had earlier disclosed that Bitcoin will dive below the $23,000 mark.
According to the popular crypto trader who stated that he is now ready to re-enter the market, he had earlier converted his crypto assets to stablecoins before the recent correction.
Now that Bitcoin has retracted from a recent high of about $24,200 to $22,700 range, the trader says the most capitalised cryptocurrency is low enough to justify once again diving into the market.
Expressing his strong opinion on the Twitter platform, Smart Contracter noted that the flagship cryptocurrency may still make a decline after the next target of $25,000.
“Leaning towards the W5 on BTC being underway, now taking out those $25,000 highs. This might be the final push higher on daily before we get a deeper decline into the next few months. Make the most of it in my opinion,” his Twitter post partly read.
Additionally, Smart Contracter disclosed that he has begun to accumulate Ethereum (ETH) stating that ETH seems to be preparing for another leg up.
The trader who is also bullish on Dogecoin (DOGE) says the popular meme-coin has been building strength against BTC for weeks.
A quick look at the chart shows that Bitcoin has been consolidating below the $25,000 resistance. However, digital gold as it is otherwise called could resume an upward rally if it survives a bearish breakdown of $22,500, Investors King understands.
Meanwhile, following the recent increase in price, investors are turning bullish once more on Bitcoin and a number of other crypto assets.
In essence, while there are some worrying technical signs in the short term, a very bullish signal is also developing which if happens could eventually lead to a sharp rally upward and perhaps a FOMO.