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Top Trader Abruptly Reverses Stance on Bitcoin, Details Bullish Outlook on BTC and One Ethereum Challenger

A well-liked analyst and dealer who precisely predicted Bitcoin’s (BTC) 2018 backside six months forward of time seems to be remodeling right into a bull.

The pseudonymous analyst Good Contracter tells his 218,100 Twitter followers that he’s dropping his bearish bias after Bitcoin broke out of an higher vary.

He’s now searching for alternatives to enter lengthy positions each time a breakdown happens.

In line with Good Contracter, Bitcoin will seemingly outperform different crypto belongings transferring ahead.

“Now that BTC broke out of this gradual uneven grind up, I’m scrapping bearish bias and trying to lengthy pullbacks.

Value motion seems to be impulsive to me now and I additionally imagine with BTC on the cusp of taking out the December excessive, BTC dominance will rise and BTC outperform altcoins.”

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Supply: Good Contracter

Wanting on the crypto analyst’s charts, Good Contracter seems to recommend that Bitcoin is primed to rise above $18,800. In his technical evaluation, Good Contracter applies Elliot Wave Principle, which states that the primary development happens in a five-wave sample whereas a corrective development happens in a three-wave sample.

Bitcoin is buying and selling at $18,157 at time of writing.

As for Bitcoin dominance, Good Contracter seems to be forecasting that BTC will attain over 43%. Bitcoin dominance is at present 38%.

Subsequent up is the sensible contract-enabled blockchain Avalanche (AVAX). Good Contracter says that the Nineteenth-largest crypto asset by market cap seems to have bottomed out after a 90% correction from the all-time excessive. The crypto analyst says that he’ll search for shopping for alternatives when Avalanche corrects downwards.

“Now that AVAX broke out of that prime timeframe ending diagonal with a god candle, it does seem like a backside to me.

Positively can’t chase right here. However 100% again on my radar once more for pullback buys.”

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Supply: Good Contracter

Avalanche is buying and selling at $15.18 at time of writing, up by about 40% in two weeks.

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Disclaimer: Opinions expressed at The Each day Hodl will not be funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any loses you could incur are your accountability. The Each day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Each day Hodl an funding advisor. Please observe that The Each day Hodl participates in affiliate marketing online.

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