Bitcoin
Trader Who Accurately Predicted Bitcoin Bottom in 2018 Warns BTC Could Fall Further – Here Are His Targets
A widely followed analyst and trader is issuing a warning about Bitcoin (BTC) after the flagship cryptocurrency witnessed a failed breakout.
The analyst known pseudonymously as Bluntz account its 264,700 followers on social media platform X that there is a “good chance” that Bitcoin will fall below the five-month low of around $53,485 recorded last week.
Bluntz further says that Bitcoin’s pullback from a distance close to the $60,000 level is not a “good sign” and appears to mimic similar price action last week that preceded the crypto asset’s plunge.
Bitcoin is trading at $58,444 at the time of writing.
From the pseudonymous analyst’s Bitcoin chart on the four-hour timeframe, it appears that Bluntz, who regularly employs Elliott Wave theory in his technical analysis, sees Bitcoin falling below $53,000 after forming a three-wave corrective pattern. According to Elliott Wave theory, the main price trend occurs in a five-wave pattern, while a correction occurs in a three-wave pattern.
Source: Bluntz/X
Turning to Ethereum (ETH), the pseudonymous analyst and trader recently expressed bearish sentiment on the second-largest crypto asset by market cap. Bluntz said Ethereum could fall below the support level around $2,800, which held for more than five months before bouncing back.
Source: Bluntz/X
On the impact that the potential approval of Ethereum exchange-traded funds (ETFs) in the US could have on ETH, Bluntz said:
“Everybody is talking about it, everybody is waiting for it [spot Ethereum ETFs] to be this giga-bullish news on ETH. So I think what’s probably going to happen in my opinion is that ETH is going to sell off first, hit the lows, screw everybody over, and then start getting bid up really high.”
Ethereum is trading at $3,143 at the time of writing.
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