Bitcoin Faces Potential 'Soul-Crushing' Plunge, Warns Analyst – Insights Revealed
A Highly-Tracked Crypto Trader Issues Warning to Bitcoin (BTC) Bulls Due to Key Resistance Level Struggle
Pseudonymous analyst Bluntz, with a substantial following of 224,000 on social media platform X, issues a cautionary statement regarding Bitcoin's potential for a significant correction. Drawing parallels to a four-year-old scenario, he points to the 2017 BTC plunge of over 80% from its peak. Expressing concern about the current trajectory, Bluntz highlights the persistent downtrend. He suggests that if the cryptocurrency remains in this downturn without a recovery, there's a growing possibility of a substantial macro pullback similar to the one experienced in 2019.
Bluntz underscores the diminishing momentum in the current market environment, indicating that maintaining a bullish perspective is becoming increasingly challenging. His analysis serves as a reminder of the cryptocurrency's historical price behavior and its potential vulnerability to steep corrections.
As the crypto community watches for signs of market movement, Bluntz's insights provide valuable context, emphasizing the importance of tracking trends and staying informed about potential shifts in Bitcoin's trajectory.
As per the pseudonymous analyst's assessment, Bitcoin might experience an initial rally before undergoing a notable correction. The analyst expresses the view that surpassing the recent highs of $30,200 appears a more plausible scenario than encountering a breakdown from the current levels. This perspective indicates a potential short-term bullish phase preceding a possible corrective phase in the Bitcoin market. By highlighting the likelihood of surpassing recent highs, the analysis sheds light on the near-term dynamics that traders and investors should keep an eye on.
As of the current moment, Bitcoin is valued at $29,124.
Bluntz, the analyst, highlights VeChain (VET) and Hedera (HBAR) as two specific altcoins with the possibility of upward movement if Bitcoin aligns favorably.
"Several lesser-known coins that previously appeared stagnant are now displaying promising signs.
VeChain is showing proximity to a potential move, while Hedera is exhibiting a strong breakout trend." This observation underscores the potential for these altcoins to experience positive price shifts, contingent upon favorable developments in the Bitcoin market.
At the present moment, the decentralized enterprise blockchain, VeChain, holds a trading value of $0.0172. Additionally, the native token of the distributed ledger platform, Hedera, is currently trading at $0.0619.
The analyst also addresses The Graph (GRT) on the blockchain indexing protocol, noting that it is displaying notable progress and is on the brink of a significant breakout. The analyst does acknowledge that liquidity could be more favorable. Despite this, the analyst expresses the current possession of a spot bag, indicating an ongoing interest in this particular asset. These insights underscore potential trends and opportunities within the blockchain and cryptocurrency landscape, particularly highlighting the prospects of VeChain, Hedera, and The Graph.
At the current moment, The Graph is valued at $0.101.
Aug 18, 2023