Bitcoin & Ethereum Price Forecast: Analyst Warns of Potential Drop Amid Green Markets

A prominent crypto analyst expresses doubt over the recent surge where Bitcoin (BTC) and Ethereum (ETH) both rose by over 5%.

On social platform X, pseudonymous crypto analyst Bluntz, with 224,500 followers, suggests potential further declines for the top two cryptos by market cap, Bitcoin (BTC) and Ethereum (ETH).

Bluntz states, "For BTC and ETH to reach their lows, an additional downward move is expected, completing the C's 5th wave."

Using the Elliott Wave theory for his predictions, Bluntz's Ethereum chart indicates a nearing completion of a five-wave sequence targeting $1,450. This pattern is part of a broader three-wave (labeled A, B, C) decline trend.

Source: Rekt Capital/X

Discussing conditions that could negate his pessimistic outlook on Bitcoin (BTC) and Ethereum (ETH), Bluntz notes, "The thesis would be invalidated if ETH surpasses $1,804 or BTC exceeds $28,770, as wave 4 must not enter wave 1's domain."

At the time of this article, Bitcoin is priced at $27,385, and Ethereum is trading at $1,719.

Aug 31, 2023

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