Smart Contracter, which stands out with its predictions for Bitcoin and altcoins and has recently been called Bluntz, shared a new interpretation. Bluntz announced that he foresees a correction for some altcoins. Here are the details…
What investment move is being followed for Bitcoin and Ethereum?
Crypto analyst and trader Bluntz, who has a significant following of 222,400 on Twitter, shared his predictions for Bitcoin (BTC), Ethereum (ETH) and altcoins amid the drop in prices. Bluntz previously predicted that BTC would reach a new 2023 high within hours, but the prediction did not come true. Bitcoin is currently trading at $28,079, down 8 percent over the past week, and the analyst acknowledges that his previous forecast is no longer valid.
Regarding ETH, Bluntz states that it has returned to the 300-day range, suggesting that Ethereum’s recent exit could be a bull trap. According to his statements, the trader took losses and closed several positions because he believes that holding losses with Ethereum is not the best investment move as he is back in his new range. Ethereum is currently trading at $1,920, down 5% over the past week.
Analyst expects bearish for altcoins: Signal of reversal
Bluntz also warns that altcoins exhibit bearish failure patterns (SFP) that signal a trend reversal. He believes the price surge some altcoins have experienced over the past month are short-term spikes that occur in a macro downtrend known as bear market rallies. Bluntz uses Elliott Wave theory in his technical analysis and thinks that these short-lived spikes could be part of a corrective three-wave ABC pattern in a downtrend; where wave B is typically a short-lived bounce followed by a deeper downward move.
Bluntz has identified Avalanche (AVAX) as an altcoin showing weekly bearish SFPs, but he believes more warning signs may come. According to Bluntz, most of the spikes last month could be wave B, and much deeper dips could be on the horizon for these altcoins.
Bluntz, as we’ve reported on cryptokoin.com, has a track record of making accurate predictions about Bitcoin’s rally, crash and short-term price movements. He correctly predicted an altcoin collapse in February 2021 and correctly predicted that Ethereum would drop to around $1,600 in March of the same year. In September 2021, he made another accurate prediction about the withdrawal of Bitcoin and Ethereum. His insights and predictions continue to be sought after by many in the crypto community.
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