A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000, has revealed his main altcoin position on a little-known cryptocurrency.
The pseudonymous analyst, known as Smart Contractor on social media, told his over 100,000 followers he has been seeing signs the market correction has bottomed out this month, and sees a surge in bitcoin’s price to $60,000 as a possibility.
The trader, as Daily Hodl reports, revealed he has a large position in the scalable smart contract platform TomoChain (TOMO), which per his words has the potential to double in value against the flagship cryptocurrency. Smart Contracter used technical analysis for his prediction:
The price of TOMO has, according to CryptoCompare data, already moved up over 86% in the last 30 days, as each token is now trading at $2.4, up from a little over $1 a month ago. The cryptocurrency was below that mark for most of last year.
Smart Contracter also pointed to the S&P 500 index which, according to him, shows investors’ risk appetite is recovering, and a bull period in the equities market could also benefit crypto, he said. The analyst also named the FTX Token (FTT) as a cryptocurrency he is eyeing, as it could bounce back harder than other cryptoassets.
On social media, he said the native cryptoasset of the popular derivatives trading platform FTX “will be one of the strongest and first to recover,” based on the chart’s structure. The trader added he sees the price of FTT crossing over the $40 mark to hit a new all-time high as the cryptocurrency market recover.
It’s worth noting Smart Contracter is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
Featured image via Pixabay.