An expert under the pseudonym Smart Contracter predicted a 15% drop in bitcoin in the near future

A cryptocurrency analyst known as Smart Contracter has shared his forecast for the fall in the value of BTC $56,536.26 Bitcoin -2.88% Market capitalization $1.11 trillion VOL. 24 hours $4.57 billion . Smart Contracter was one of the experts who predicted the bear market in 2018, which is why members of the cryptocurrency community trust his opinions on the price of digital assets.

As Smart Contracter told his 216,200 Twitter followers, bitcoin will not soon reach its historical highs — the flagship cryptocurrency risks falling by 15% from its current value. «At the moment, I believe that the BTC price increase is part of a corrective ABC wave before hitting a new low below $ 15,000 USD in the first quarter of 2023, where we will meet a long-term bottom,» the analyst wrote.

Smart Contractor uses the Elliott Wave Theory, an approach to technical analysis that attempts to predict future price action by following the psychology of market participants, which tends to manifest itself in waves. According to the theory, a downtrend consists of five waves, where an asset sees short bounces during the second and fourth waves.

A week ago, Smart Contracter predicted that bitcoin would trade at $ 16,200. And the main altcoin — at $ 1350. «I advise you to buy ETH $2,991.80 Ethereum -4.74% Market capitalization $359.6 billion VOL. 24 hours $2.67 billion on a downtrend, because in about a week or two, ethereum will rise in price to new ranges," the expert said on November 30.