Grayscale, the digital asset management firm, recently won a significant legal victory against the Securities and Exchange Commission (SEC). Following this Development, Bitcoin experienced a strong surge and surpassed the $28,000 mark. However, some analysts are skeptical about the sustainability of this upward trend. One well-known analyst, who accurately predicted the bottom of the 2018 bear Market for Bitcoin, believes that the correction for the leading cryptocurrency is not yet complete.
The analyst, who goes by the pseudonym Bluntz, took to social media to share his perspective with his 224,600 followers. Bluntz suggests that Bitcoin is currently Trading within a bearish flag pattern and anticipates a further downward move. While he acknowledges that there is no clear direction at the moment, his bias suggests a sideways movement followed by a new low for Bitcoin.
Bluntz also points out that Bitcoin’s current situation is reminiscent of the market sentiment in 2019. He previously warned that Bitcoin could experience a deep correction similar to the one witnessed during late 2019 and early 2020 when the price dropped from around $14,000 to $3,000. Bluntz identified signs of weakness on the weekly chart, including a rising wedge pattern and a downward trend in the relative strength index (RSI), indicating a decline in Bitcoin’s momentum.
According to the chart shared by Bluntz, he predicts that Bitcoin could fall to $22,000. At the time of writing, Bitcoin was trading at $27,620, reflecting a more than 6% increase on a daily basis.
In addition to Bitcoin, Bluntz also expects a decline in the total market capitalization of all cryptocurrency assets (TOTAL). His chart suggests a potential bounce to the $970 billion level followed by another correction. Bluntz indicates that he is waiting for a new low in the total market capitalization before considering any long-term Investment decisions.
While Bitcoin has experienced significant volatility and bullish momentum in recent times, analysts like Bluntz are cautioning that a correction may still be in the cards. Their assessments are based on technical Analysis indicators and historical patterns, highlighting the importance of considering multiple perspectives when making investment decisions in the cryptocurrency market..
#Legendary #Analyst #Bitcoin #Crashes #Levels
The analyst, who goes by the pseudonym Bluntz, took to social media to share his perspective with his 224,600 followers. Bluntz suggests that Bitcoin is currently Trading within a bearish flag pattern and anticipates a further downward move. While he acknowledges that there is no clear direction at the moment, his bias suggests a sideways movement followed by a new low for Bitcoin.
Bluntz also points out that Bitcoin’s current situation is reminiscent of the market sentiment in 2019. He previously warned that Bitcoin could experience a deep correction similar to the one witnessed during late 2019 and early 2020 when the price dropped from around $14,000 to $3,000. Bluntz identified signs of weakness on the weekly chart, including a rising wedge pattern and a downward trend in the relative strength index (RSI), indicating a decline in Bitcoin’s momentum.
According to the chart shared by Bluntz, he predicts that Bitcoin could fall to $22,000. At the time of writing, Bitcoin was trading at $27,620, reflecting a more than 6% increase on a daily basis.
In addition to Bitcoin, Bluntz also expects a decline in the total market capitalization of all cryptocurrency assets (TOTAL). His chart suggests a potential bounce to the $970 billion level followed by another correction. Bluntz indicates that he is waiting for a new low in the total market capitalization before considering any long-term Investment decisions.
While Bitcoin has experienced significant volatility and bullish momentum in recent times, analysts like Bluntz are cautioning that a correction may still be in the cards. Their assessments are based on technical Analysis indicators and historical patterns, highlighting the importance of considering multiple perspectives when making investment decisions in the cryptocurrency market..
#Legendary #Analyst #Bitcoin #Crashes #Levels
