Trader Known for Calling Bottoms Warns Bitcoin (BTC) Could Witness Extended Correction – Here’s His Downside Target
A trader who grew his following after calling the 2018 Bitcoin (BTC) bear market bottom believes that the king crypto is unlikely to break above $30,000 anytime soon.
Pseudonymous analyst Bluntz tells his 222,400 Twitter followers that Bitcoin is likely done going through a five-wave uptrend on the daily chart.
According to the popular analyst, BTC may now be in the midst of an ABC corrective move that could send Bitcoin all the way down to the $25,000 price area.
“Thinking something like this plays out for BTC and makes the most sense to me.
The last correction lasted 41 days in time and so far, we’re only 14 days into this most recent one which simply doesnt feel long enough to me.”
Bluntz is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology which tends to manifest in waves. According to the theory, a bullish asset tends to go on a five-wave uptrend, followed by an ABC corrective move.
Looking at Bluntz’s chart, he appears to predict that Bitcoin could resume its uptrend after hitting $25,000 and rally toward $32,000 by the second half of 2023.
At time of writing, Bitcoin is trading for $29,381.
As for Ethereum (ETH), the crypto strategist believes that the leading smart contract platform will likely drop in value faster than BTC. Looking at the Ethereum versus Bitcoin chart (ETH/BTC), Bluntz says that it could drop to as low as 0.06 BTC ($1,757) before regaining bullish momentum and rallying to 0.073 BTC ($2,138).
“I think ETH/BTC/ starting to look shi*e again and price action from the March low probably was an ABC up. It’s losing the 0.618 on daily and looking like a new low is likely. Hard to be bullish on alts when ETH/BTC looks like it’s about to roll over and make another low on daily/weekly.”
At time of writing, ETH/BTC is trading for 0.0648 BTC worth $1,898.
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