A famous trader who accurately predicted the bottom of the 2018 Bitcoin (BTC) bear market is predicting what is coming to Bitcoin.
The pseudonymous analyst Bluntz told his 224,800 followers on social media platform After failing to hold above resistance at $27,000 last week,
According to Bluntz, BTC is in an ABC correction that could push Bitcoin to a six-month low of around $23,800.
I don’t think the “bottom” has passed as Bitcoin’s current structure doesn’t look suitable to me. I think it will visit the lows of $24,800 first and the price action over the last 39 days could be part of a deeper drop and a worse correction.
potential lower high being put in today on #btc today.
i don’t think the “bottom” is in yet because structure just doesn’t look right yet for me, i think the 24.8k lows need to be convincingly taken out first and the last 39 days of price action potentially part of a larger… pic.twitter.com/J2XN7DTRlG
— Bluntz (@Bluntz_Capital) September 21, 2023
Bluntz is considered one of the most popular because of his use of Elliott Wave Theory, an advanced technical analysis method that attempts to predict future price movements in the form of waves.
According to Elliot Wave Theory, Bitcoin may undergo an ABC correction before resuming an uptrend.
This is only the personal view of the analyst. Investors should study and gain investment knowledge by themselves and should not trade as directed by others as it may lead to losses.
Source: DailyHodl
2023-09-24 13:45:51
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