A well-respected cryptocurrency expert, recognized for his accurate calls on the cryptocurrency market bottom in 2018’s bear market, has shared his analysis of Bitcoin‘s potential worst-case scenario. However, he emphasized that even with this outcome, there could still be significant price growth.
On microblogging platform X, where Bluntz has over 250,000 followers under a pseudonym, he expressed his concern: Bitcoin might revert from its current peak. However, he predicted that investors would seize this opportunity to buy at lower prices, believing in an ongoing upward trend, as if they expected a triangle pattern breakout.
According to his statement, Bitcoin’s price may dip back down to the lower end of its range around $64,000, before experiencing another surge up to approximately $82,000 based on his predicted price targets.
max pain on #btc is take out the highs, make everyone fomo back in and think its some kind of triangle breakout then BAM, fade back into the lower end of the range again before the real run up
— Bluntz (@Bluntz_Capital) April 9, 2024
Using the Elliott Wave Theory, Bluntz interprets that an asset’s price change follows a distinct, five-part pattern. This widely-used technical analysis method proposes that market trends emerge from recurring patterns influenced by investor emotions. Generally, these patterns involve a five-wave advance in the direction of the dominant trend, followed by a three-wave correction.
In the 1920s, Ralph Nelson Elliott discovered the Elliott Wave Theory by noticing and interpreting repeating, intricate pattern structures. These patterns have a fractal nature and are deeply rooted in crowd behavior.
Based on Bluntz’s analysis, Bitcoin seems to be exhibiting an “ABC” correction pattern on its daily chart. This pattern is commonly seen following a robust upward trend and usually indicates a period of price consolidation.
Currently, Bitcoin is approximatedly valued at $70,600 during this writing, having risen from a recent low of $66,000 following unexpectedly high US inflation figures that triggered a broader market adjustment.
Traders believe the Federal Reserve may postpone lowering interest rates until September due to three successive months of higher-than-anticipated inflation. The consumer price index (CPI) in the US increased to 312.23 points in March, marking a 0.4% rise month over month.
— CryptoGlobe (@CryptoGlobeInfo) April 10, 2024
According to recent news, experienced trader and market analyst Peter Brandt, who is well-known in the cryptocurrency community for correctly predicting Bitcoin’s 84% drop in 2018, now believes Bitcoin is headed towards $80,000 in the coming period.
Peter Schiff, Euro Pacific Capital CEO and known Bitcoin critic, has advised investors against holding Bitcoin and suggested they consider purchasing gold and silver instead. He described this as a final opportunity to sell their Bitcoin and warned those who don’t as potentially facing poverty.
In June 2018, Bluntz gained recognition for his forecast that the bear market causing bitcoin’s price to plummet from its previous peak of around $20,000 would bottom out at approximately $3,200. His prediction came close to being on target when bitcoin reached this value in December of the same year.
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2024-04-12 01:08