A trader who boosted his following after calling 2018 Bitcoin (BTC) the bear market bottom believes the crypto king is unlikely to break above $30,000 anytime soon.
Pseudonymous analyst Bluntz tells his 222,400 Twitter followers that Bitcoin is likely finished 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 range.
“Thinking something like this plays out for BTC and makes the most sense to me.
The last correction lasted 41 days, and so far we are only 14 days into this latest one, which just doesn’t 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 that tends to manifest itself 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 the Bluntz chart, he seems to predict that Bitcoin could resume its uptrend after reaching $25,000 and rise towards $32,000 by the second half of 2023.
At the time of writing, Bitcoin is trading at $29,381.
As for Ethereum (ETH), the crypto strategist believes the leading smart contract platform is likely to drop in value faster than BTC. Looking at the Ethereum versus Bitcoin (ETH/BTC) chart, Bluntz says it could fall as low as 0.06 BTC ($1,757) before regaining bullish momentum and increasing to 0.073 BTC ($2,138).
“I think ETH/BTC/ is starting to look shi*e again and the price action from the mars slave was probably an ABC rally. It’s losing 0.618 on the daily and looks like a new low is likely. Hard to be bullish on the altar when ETH/BTC looks like it is about to roll over and make a new daily/weekly low.”
At the time of writing, ETH/BTC is trading at 0.0648 BTC worth $1.898.
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Featured image: Shutterstock/Liu zishan