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Crypto Analyst Who Accurately Called 2018 Bitcoin Bottom Predicts Massive Correction for Ethereum Competitor Terra (LUNA)

A carefully adopted crypto strategist who accurately known as the Bitcoin (BTC) backside in the course of the 2018 bear market is predicting a deep correction for decentralized finance fee community Terra (LUNA).

Pseudonymous crypto analyst Smart Contracter tells his 207,000 Twitter followers that LUNA has accomplished its five-wave rally and is now en path to a full-blown bearish reversal.

“I believe LUNA lastly put in a long-term high. Clear five-wave rise on weekly with a bearish engulfing to verify the highest.

This will come down a minimal of fifty% or so for my part.”

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Source: Smart Contracter/Twitter

Smart Contracter subscribes to the Elliott Wave idea, a technical evaluation method that predicts future price motion by following crowd psychology that tends to manifest in waves. According to the idea, an asset goes by a five-wave cycle earlier than a significant development reversal.

Looking on the analyst’s chart, LUNA seems to be headed to $25, representing a draw back potential of almost 70% from its present price of $83.05.

The crypto strategist can be Bitcoin, which he says is within the midst of a five-wave correction on the decrease timeframe.

“BTC [is] now in the process of an impulsive five-wave decline on four-hour [chart], so expecting a nice relief bounce to $45k or so in the coming days, then further downside. $37-$38k is new key support.”

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Source: Smart Contracter/Twitter

At time of writing, Bitcoin is buying and selling $39,709.

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Featured Image: Shutterstock/Tithi Luadthong

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