Trader Predicting 2018 Bitcoin Drop Foresees Potential 2020 BTC Decline: His Price Prediction Revealed
The analyst who correctly predicted Bitcoin's 2018 price drop cautions that BTC might see a repeat of its 2020 plunge, where it fell from $10,000 to $4,000 rapidly.
Renowned crypto analyst Bluntz recently shared insights with his vast audience of 225,200 on platform X regarding Bitcoin's (BTC) price movements. He posits that Bitcoin might have reached its cycle's low, settling around the $15,000 mark. This perspective offers a glimmer of hope to investors, suggesting the worst of the downturn might be over.
Yet, Bluntz also introduces a layer of caution. He believes Bitcoin could experience another dip, potentially touching the $19,000 to $20,000 bracket. However, this isn't a sign of prolonged bearishness. Instead, he sees it as a temporary setback, paving the way for a bullish surge in the upcoming year.
Elaborating on his analysis, Bluntz remarked, "I'm inclined to think BTC's bottom is around $15,000. Reflecting on the 2019-2020 cycle patterns, a dip to the $19,000-$20,000 range seems plausible. This would set a higher low, laying the foundation for a rise expected to span until 2024."
Currently, Bitcoin is priced at $27,612, experiencing a decline of over 1% in the past day.
Analyst Bluntz is closely monitoring the TOTAL chart, a representation of the combined market capitalization of all cryptocurrencies. He suggests that TOTAL might be gearing up for a further decline, following an ABC bounce and showcasing a bearish trend with a lower-high pattern.
Bluntz commented, "In my assessment, TOTAL seems poised for a downturn. The recent rally appears to have run its course."
Bluntz incorporates the Elliott Wave theory in his market evaluations. This technical analysis method aims to forecast price movements by analyzing patterns formed due to collective investor psychology, which often appears in wave-like formations. The theory suggests that a declining asset might experience an ABC upward correction before resuming its bearish trend.
Currently, TOTAL stands at a value of $1.05 trillion.
Turning his attention to the smart contract platform, Avalanche (AVAX), Bluntz believes its recent price recovery has concluded, especially after it couldn't surpass the resistance near $11.
Commenting on AVAX, Bluntz stated, "After a significant rejection from a crucial price point, influenced by the Stars Arena breach, AVAX did see a commendable rise from its lowest. However, I'd advise caution in holding it further."
Over the weekend, Stars Arena, a social finance (SocialFi) application built on Avalanche, suffered a security breach resulting in a loss of $2.9 million in AVAX tokens.
Currently, AVAX is trading at $9.56, marking a decline of more than 4% in the last 24 hours.
Oct 10, 2023