$3,200 in Bitcoin, 2020 rally, predicting the great Bitcoin collapse of 2020, a crypto analyst shared 4 altcoins that he expects to rise in the short term.
Bluntz predicts a 2019-style jump for Bitcoin
Smart Contracter, a renowned analyst and now on Twitter as “Bluntz,” predicts a jump for BTC similar to what happened nearly four years ago. You can take a look at the analyst’s past accurate predictions from this article. In his current analysis, he says that Bitcoin is poised for a strong rally towards $29,000.
According to the crypto analyst, Bitcoin’s current market structure is similar to the price action of the second half of 2019, when it went from around $8,000 to $12,000 in less than a month.
Bluntz states that although Bitcoin may see a jump in the short term, the rally will be short-lived. The crypto analyst expects BTC to eventually return to $20,000 lows.
The analyst then shared a few altcoins that he expects to rise in the short term.
Avalanche (AVAX)
According to the analyst, AVAX also looks ready to take a leap. According to their analysis, “AVAX has a nice setup. It is recovering rapidly almost every day after experiencing a big drop. I’m not sure how high this jumps, but I think it’s definitely worth playing for now.”
AVAX is trading in the $14.55 region at the time of writing. It brought its 24-hour gain closer to 1.2%, accompanied by the day’s market recovery.
Litecoin (LTC)
Bluntz also expects activity in LTC, the 14th most cryptocurrency by market cap. According to the analyst, Litecoin’s upcoming halving will likely keep the altcoin bullish. Litecoin’s third halving will take place in about two months.
Looking at the chart shows that the analyst expects a symmetrical triangle breakout for Litecoin towards its target above $110.
Ethereum (ETH)
Returning to Ethereum, the analyst says that it will be trading in a range for a while before falling with BTC. But Bluntz adds that the decline may take some time. According to their analysis:
So far, we are at the lowest levels held in both BTC and ETH. It wouldn’t be surprising to see a longer lasting channel/bear flag play out here, a breakdown doesn’t seem to be imminent yet.
As we quoted as Kriptokoin.com, the Bitcoin price peaked earlier today with the US debt ceiling agreement. BTC is currently gaining strength above $27,000. As the timing of the next bull market, Arthur Hayes points to 2024 and beyond. On this date, Litecoin will halve block rewards on the Bitcoin network, which will launch in August.
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