Among the news about cryptocurrencies, analysts’ predictions always attract great attention. This time, a very remarkable prediction about Bitcoin came from a well-known analyst. The famous analyst, who correctly predicted the bottom of the bear market in 2018, is here with a new decline prediction for Bitcoin.
Critical Bitcoin comment from Bluntz
The crypto analyst nicknamed Bluntz stated in his current analysis that Bitcoin may have formed bear market highs. He pointed out that Bitcoin entered a possible bear trend after failing to break the $ 27,000 resistance last week.
According to the analyst, Bitcoin is currently in an ABC correction movement. This move could push Bitcoin’s price to a six-month low of $23,800. “For me, the structure doesn’t look right because the bottom hasn’t formed yet,” Bluntz said. “First, the $24,800 levels must be surpassed definitively,” he said.
potential lower high being put in today on #btc today.
i don't think the "bottom" is in yet because structure just doesn't look right yet for me, i think the 24.8k lows need to be convincingly taken out first and the last 39 days of price action potentially part of a larger… pic.twitter.com/J2XN7DTRlG
— Bluntz (@Bluntz_Capital) September 21, 2023
The Bitcoin analyst writes in some of his latest analysis:
Today, the potential low high (LH) in Bitcoin is determined today. I don’t think the “bottom” exists yet because the structure doesn’t look right yet for me, I think the 24.8K bottom needs to be convincingly eliminated first and the price action over the last 39 days is potentially part of a larger move. side correction. They have some appearance in the game, but for now they mostly sit in barns and on the sidelines.
Bluntz’s investment strategy
Bluntz says he is monitoring market movements carefully, keeping the majority of his investment portfolio in stablecoins. He stated that he is currently taking a more cautious approach on the Bitcoin side. The analyst follows the proprietary Elliott Wave Theory, which is widely accepted for predicting price movements. According to this theory, an asset in a bull market trend will experience an ABC correction before resuming its trend.
Observations on tech stocks
Another area Bluntz is watching is the stocks of big technology companies. He closely follows the stocks of major technology giants such as Microsoft (MSFT), Apple (AAPL) and Nvidia (NVDA). According to the analyst, a potential bear reversal signal has emerged on the quarterly charts of these companies. According to details:
Quarters close in a week and there are absolutely terrible quarterly candles and [bearish divergences] forming on megacaps right now.
Such analyzes and predictions can help investors understand market movements and shape their strategies accordingly. However, as always, you should do your own research and seek expert advice when making investment decisions regarding Bitcoin. As Kriptokoin.com, we have included in this article the critical dates that Bitcoin investors should follow next week.
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