Heading towards a bearish Bitcoin (BTC) market: Bluntz's analysis
The renowned analyst Bluntz is known for his bearish predictions in the crypto market. His projections have hit the mark in the past, like when in 2018, the analyst successfully predicted a significant drop in Bitcoin valuation. In this post, we’ll share his latest analysis regarding the queen of cryptos.
According to Bluntz, the price of BTC will quickly rise and collapse again
Recently, Bitcoin (BTC) fell to $25,000. However, the asset swiftly rebounded to $26,000 before collapsing again and is currently sitting at $25,150. This fluctuation indicates increased instability in the leading cryptocurrency.
Bluntz believes that this trend has the potential to last for a while. In the expert’s opinion, the price of Bitcoin could rebound rapidly but may not sustain itself.
In fact, according to Bluntz, this surge is expected to give way to a bearish market. Unlike the preceding price rally, this one is projected to persist in the short term. In this mix of projections, it’s not ruled out that the asset’s valuation could drop below $24,000.
“Now that PA has unfolded a bit longer I think sub 24k is probably likely,” explains Bluntz in a news thread posted on his Twitter account.
He adds, “RR is gone now but defo looking to reshort any bounce up over the next day, just the fact that crypto is trading like this while other risk on assets are pumping probs tells me theres more bad news looming.”
According to trader Dave the Wave, Bitcoin has the potential to explode in the long term. This is shown, according to him, in the analysis of the asset’s movements based on the Moving Average Convergence Divergence (MACD) technical indicator.
“Technically, in the long term, the MACD seems ready to move upwards just below the zero line. Bullish and still within the buying zone of the logarithmic growth curve,” stated the analyst.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new daily and weeklyservice so you don't miss any of the essentials of Cointribune!
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.