Prominent Trader Predicts Bitcoin's Potential Decline: 2018 BTC Bottom Analyst's Outlook

A prominent trader, renowned for accurately predicting Bitcoin's (BTC) 2018 bear market low, believes the current correction for the leading cryptocurrency hasn't concluded.

Bluntz, a well-known pseudonymous analyst, alerts his vast audience of 224,600 on social platform X that Bitcoin appears to be charting a bearish flag pattern. This might hint at an impending downward trend for BTC. He comments, "BTC's movement has been restrictive since the downturn experienced last week. Although its trajectory remains uncertain, I'm currently leaning towards a sideways trend followed by a potential new low.

Source: Bluntz/X

Earlier in the month, renowned crypto analyst Bluntz warned that Bitcoin's current trends could mirror the sharp downturn observed between late 2019 and early 2020, a period when BTC plummeted from nearly $14,000 to a low of $3,000. Bluntz pointed to specific indicators on Bitcoin's weekly chart, such as a rising wedge pattern and a bearish divergence on the Relative Strength Index (RSI), signaling a potential decrease in momentum. He remarked, “BTC's prolonged stagnation is making me increasingly wary of a significant pullback akin to 2019. The dwindling momentum certainly challenges a bullish outlook.

Source: Bluntz/X

Bluntz, a distinguished crypto trader, has presented a chart hinting at a possible decline of Bitcoin (BTC) to around the $22,000 mark. As of this report, Bitcoin stands at a value of $26,143.

Delving into the cumulative market capitalization of all cryptocurrencies (referred to as 'TOTAL'), Bluntz anticipates an imminent short-lived surge, followed by another drop targeting the $970 billion benchmark. He elaborates, “I'm holding off on long positions until I see a fresh low on TOTAL. Such lows could herald significant bullish divergences across numerous digital coins. However, at the moment, I'm not spotting any compelling trading setups.

Source: Bluntz/X

As of the current update, the combined market capitalization of all cryptocurrencies, referred to as 'TOTAL', is pegged at a noteworthy $1.035 trillion

Aug 30, 2023

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