Analysts, who foreshadowed Bitcoin bottoms during the 2018 bear market, are expecting another medium correction. New analysis shows patterns point to ‘bull trap’ as prices push year’s highs.
Bluntz expects Bitcoin price correction to this level
Foretelling the $3,200, 2018 crash, and 2020 rally in Bitcoin, technical analyst Bluntz now predicted that it will likely lose $30,000 again. The crypto analyst says that the five-wave rally that caused BTC to break this level will eventually lead to a pullback. In his analysis, he shares a chart suggesting that BTC could dip below $29,000 before continuing its rise.
According to Bluntz, “This bull flag breakout turned out perfectly. It even marginally rose to a new high. We can now see a five-wave uptrend on the four-hour chart. So don’t be surprised if the pullback starts here to trap the latecomers before their next ascent.”
this bull flag break unfolded perfectly and even pushed up into a fresh high marginally.
we can now see a 5 wave rise on 4h so would not be surprised to see a bit of a pullback start here to trap all the late longers before the next proper leg higher.
defo not the spot to be… pic.twitter.com/epRQg9oUOZ
— Bluntz (@Bluntz_Capital) June 23, 2023
According to Bluntz, investors need to be extremely careful before taking positions in the current environment. In the last part of the tweet, he issued a warning saying, “I think this is definitely not the place to be FOMOing right now.”
Waiting for the same bottoms at Pentoshi
Another crypto analyst Pentoshi shared a short-term bullish outlook extending to $32,000. The analyst says that a daily close above $30,166 for BTC will open up 32,000. On the other hand, he also mentioned that we could see a correction to $29,000 before rising to $32,000:
Locally a good spot to watch BTC’s daily close if we close below previous highs. Either way, I think we’ll hit $32,000. Current support at $29,000 on the shorter time frame/middle time frame.
Locally a good spot to watch the $BTC daily close on if we close back below the prev highs. Either way. Think we make it to 32k
29k current support on ltf/mid https://t.co/eaREU70SUr pic.twitter.com/oiBx8o8goJ
— btc ath waiting room (@Pentosh1) June 23, 2023
On-chain analyst Willy Woo disagrees, maintaining bullish prospect on Bitcoin
Willy Woo, one of the respected on-chain analysts, said that after Bitcoin surpassed $30,000, the path is clear. Woo closely follows Bitcoin’s key strength indicator, which tracks 17 key and technical indicators. According to the analyst, Bitcoin could rise more than 30% from its current value of $30,555 before it is overbought. Your analysis says:
If this move completes, there’s basically a chart to give you an idea of how much move we need before it overheats. Basically, I mean what’s going on in the BTC network… miners, latest investors’ cost basis, experienced hands selling, techniques, etc.
If this move completes, here's a chart to give an idea of how much room we have to move before it's fundamentally overheated.
By fundamentals, I mean what's happening across the BTC network… miners, cost basis of latest investors, experienced hands selling, technicals, etc. pic.twitter.com/f1GXMoIDsb
— Willy Woo (@woonomic) June 23, 2023
According to Woo, Bitcoin could also surpass $40,000 as an extension of its current rally. The analyst says the recent surge in Bitcoin is most likely due to seasoned investors accumulating BTC when it dropped to around $25,000 last week:
Finally, Woo noted that the US dollar index (DXY) is on the verge of a downtrend. The analyst says investors are betting big on Bitcoin for this reason. Do not miss the analysis of Ki Young Ju, CEO of CryptoQuant, which we have transferred as Kriptokoin.com.
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