Bitcoin Expert Warns of Price Volatility Ahead – Bearish Movements on the Way?
A historically accurate crypto analyst who predicted the Bitcoin bear market bottom in 2018 is now cautioning that the leading cryptocurrency may undergo a similar price movement.
Popular analyst Bluntz shared his belief that Bitcoin has likely established a cycle bottom around the $15,000 mark.
Nevertheless, this seasoned trader also acknowledges the possibility of Bitcoin dropping all the way to $19,000 before initiating a full-fledged bull market in the coming year.
He said that, in his his opinion, Bitcoin has likely reached its bottom at $15,000. However, we may still revisit the $19,000-$20,000 range, setting a higher low before continuing its upward trajectory throughout 2024.
personally i feel that $btc has probably bottomed at 15k but also that we are in the 2019-2020 part of the cycle where we can still easily come down to 19-20k and put in a higher low and continue higher throughout 2024 pic.twitter.com/NsrvnMvwRO
— Bluntz (@Bluntz_Capital) October 9, 2023
As of the time of this writing, Bitcoin is being traded at $27,087, reflecting a minor decrease around 2% in the past 24 hours.
Bluntz is also closely monitoring the TOTAL chart, which monitors the combined market capitalization of all cryptocurrencies.
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According to his analysis, TOTAL appears poised for another downward leg after completing an ABC bounce and displaying a bearish lower-high pattern. He remarked, that TOTAL seems ready to reverse course and that the recent rally has exhausted itself.
. $total looks like its about to roll over imo, i think this most recent rally is exhausted pic.twitter.com/rz7bgeOkuc
— Bluntz (@Bluntz_Capital) October 9, 2023
Bluntz employs the Elliott Wave theory in his analysis. This theory is a technical analysis approach that seeks to anticipate future price movements by following the waves driven by collective psychology in the market.
According to the theory, a bearish asset may experience an ABC pattern to the upside before resuming its downward trend.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
