The analyst who accurately predicted the 2018 bear market bottom for Bitcoin warns that the leading cryptocurrency could repeat its 2020 price action. In the process, BTC dropped from $10,000 to $4,000 in a matter of weeks. Additionally, the analyst says that it does not make sense to hold an altcoin that has been experiencing problems recently.
Popular analyst expects 2020 price action for Bitcoin
Bluntz, the pseudonymous analyst, shared his latest predictions with his 225,200 followers on social media platform X. Analyst says Bitcoin is seeing a cycle bottom around $15,000. For the analyst’s accurate predictions, check out this article from Kriptokoin.com. However, the popular analyst notes that there is a possibility that Bitcoin (BTC) could fall as low as $19,000 before starting a full-blown bull market next year. In this context, the analyst makes the following statement:
Personally, I feel BTC probably bottomed at $15,000. But I also think we’re in the 2019-2020 part of the cycle and we could still easily get down to $19,000-$20,000. I also predict we could set a higher low and continue higher through 2024.
Source: BluntzAt the time of this writing, Bitcoin was trading at $27,612, down over 1% in the last 24 hours.
“The last rally in the market is on the verge of extinction!”
Bluntz says he also closely watches the TOTAL chart, which tracks the market value of all crypto assets, including Bitcoin. According to the analyst, TOTAL looks set to witness another leg up after completing an ABC bounce and printing a bearish lower-high setup. In this regard, the analyst said, “I think TOTAL is about to topple. “I think this latest rally has run out of steam.” says.
Source: BluntzBluntz uses Elliott Wave theory in his analysis. Elliot Wave theory is a technical analysis approach that attempts to predict future price movements by following crowd psychology, which tends to occur in waves. According to theory, a downtrend asset goes through an upward ABC move before falling. At the time of this writing, TOTAL was trading at $1.05 trillion.
Bluntz: AVAX not worth holding
Finally, after Bitcoin (BTC), the analyst is looking at smart contract platform Avalanche (AVAX). Bluntz says the altcoin’s bounce ended after it failed to overcome resistance around $11. The analyst explains this prediction as follows:
AVAX has sharply rejected a key level following the Stars Arena hack. It was a good move from the low end, but I don’t think it’s worth continuing to hold.
Source: BluntzOver the weekend, Avalanche-based social finance (SocialFi) application Stars Arena suffered a shocking hack. In this incident, attackers seized $2.9 million worth of AVAX. At the time of writing, AVAX was changing hands at $9.56, down over 4% on a daily basis.
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