In a noteworthy revelation, the trader recognized for his on-point prediction of Bitcoin’s bear market bottom in 2018 has signaled potential turbulence for the premier cryptocurrency. Drawing parallels with its 2020 trajectory, when Bitcoin nosedived from $10,000 to a mere $4,000 in just a few weeks, the pseudonymous analyst Bluntz shared with his vast online following of over 225,000 on social media platform X, suggesting a possible similar downturn.
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
Bluntz extrapolated on his observation, hinting at the probability of Bitcoin having already hit its cycle trough at roughly $15,000. Despite this, he did not rule out a further decline, pointing out the potential for Bitcoin to plummet to levels around $19,000. However, he remains optimistic about the flagship cryptocurrency mounting a substantial bull market in the subsequent year. His exact words were: “BTC may have bottomed out at $15,000, but we’re possibly in a phase reminiscent of 2019-2020. A drop to the range of $19,000-$20,000, marking a higher low, could precede a surge persisting into 2024.”
At the moment of reporting, the value of Bitcoin stands at $27,612, reflecting a slight decrease of over 1% in the past day.
Additionally, Bluntz directed attention towards the TOTAL chart, which offers a cumulative perspective on the market capitalization of the entire crypto domain. He emphasized the chart’s bearish inclination, specifically after completing what’s referred to as an ABC bounce and subsequently registering a bearish lower-high configuration. His assessment was concise: “The recent rally depicted on the TOTAL chart appears to be losing steam.”
It’s crucial to mention that Bluntz’s analyses are grounded in the Elliott Wave theory, a renowned technical analysis framework that focuses on forecasting price shifts by tracking patterns in crowd sentiment. This theory delineates a sequence where a declining asset might experience an ABC uptrend prior to resuming its fall.
To provide a perspective, the TOTAL is currently valued at approximately $1.05 trillion.
In the broader crypto ecosystem, Bluntz also commented on the Avalanche (AVAX) smart contract platform. Highlighting the altcoin’s inability to breach the resistance around $11, he stated, “Following the significant blow from the Stars Arena breach, AVAX experienced a stringent rejection. Despite a commendable recovery, its potential for further growth seems limited.”
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