The leading cryptocurrency Bitcoin slipped below the critical support of $27,000. This has raised concerns in the market. A crypto trader and analyst with a large following is warning Bitcoin bulls as BTC falls below a key resistance level. However, the analyst is hopeful for 3 altcoin projects and sees bullish potential in them.
Analyst: Bitcoin likely to face ‘soul-crushing’ decline!
The analyst, nicknamed Bluntz, who accurately predicted market crashes, tells his 224,000 followers on social media platform X that Bitcoin could undergo a drastic correction, similar to BTC retracing over 80% from its 2017 high four years ago. Check out this article of Kriptokoin.com for the analyst’s successful predictions. In this context, the analyst makes the following statement:
The longer we stay down without a bounce in BTC, I feel like we could experience a soul-breaking macro pullback similar to 2019. It’s clear that momentum is waning here and it’s getting harder and harder to stay bullish.
Source: Bluntz/XAccording to the pseudonymous analyst, it is possible that Bitcoin will rally first before making a drastic correction. In this direction, the analyst said, “It would definitely not be a surprise to see the tops of $ 30,200 first. From here it seems more logical than any crash,” he says.
Source: Bluntz/XThe leading cryptocurrency Bitcoin is trading at $26,300 at the time of writing, losing 7.85% on a daily basis. Also, BTC has lost more than 10% on the weekly timeframe. Therefore, it’s also possible that Bitcoin’s crash is happening before the bounce that Bluntz is talking about.
“There is upside potential in these two altcoin projects!”
Bluntz also notes that the two altcoin projects, VeChain (VET) and Hedera (HBAR), show the potential for an upside move if BTC plays ball. Based on this, the analyst makes the following statement:
A few random altcoins that I thought were dead are starting to look good here. VeChain looks close and Hedera is coming with a solid exit.
Source: BluntzThe decentralized enterprise blockchain VeChain is trading at $0.01596 at the time of writing. Also, the altcoin saw a 4.5% drop on a daily basis. Distributed ledger Hedera’s native token, HBAR, is trading at $0.05707 at the time of writing. HBAR is also among the altcoins that have seen a deep decline today. HBAR has seen losses of over 6% on a daily basis at press time.
Bluntz: This altcoin is also close to a solid breakout!
The analyst is also considering Blockchain indexing protocol The Graph (GRT). For the altcoin project, Bluntz said, “GRT is close to a solid breakout. Some work here. I wish the liquidity was better. I guess I’m stuck in a spotlight bag for now,” she says.
Source: Bluntz/XGRT is trading at $0.0898, down 8.6% on a daily basis at the time of writing.
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