A crypto analyst who foretold Bitcoin (BTC) bottoms says that contrary to expectations, the leading crypto will remain limited in the current price zone.
Bluntz warns that Bitcoin price could witness another correction
The popular crypto analyst nicknamed Bluntz (formerly Smart Contracter) has gained particular fame on Twitter after seeing the bottom of the 2018 bear market. cryptocoin.com We have included their accurate predictions in this article. In his current analysis, he said that Bitcoin is unlikely to rise above $30,000 in the short term. At this point, he mentions that Bitcoin’s breakout of a five-wave uptrend on the daily chart is most likely over.
According to the analyst, BTC is currently in the midst of an ABC correction where it will head towards the $25,000 price area. Sharing the chart below, Bluntz said, “ABC correction is valid for BTC and it makes the most sense to me. The final fix took 41 days. So far, we’re only 14 days away from this latest fix. That doesn’t seem long enough to me,” she says.
Bluntz is a popular practitioner of the Elliott Wave theory, which tends to manifest in waves. According to the theory, an uptrend coin tends to enter a five-wave uptrend. Next comes an ABC correction move.
A look at Bluntz’s chart shows that Bitcoin may resume its uptrend after reaching $25,000. Additionally, the analyst expects a rise to $32,000 in the second half of 2023.
Will BTC price drop further?
On the other hand, Bitcoin Futures has become a hot topic among analysts. This volume has reached nine times the volume of Bitcoin’s Spot trading. As a result, the market becomes more sensitive to price changes.
According to ‘Maartunn’ from Twitter, he pointed out that the transaction volume in the futures market is about 900 thousand on a daily basis and about 100 thousand in the futures trading volume.
The primary reason for this massive disparity, according to Maartunn’s analysis, is that Binance exchange has recently disabled zero-fee spot trading on most crypto pairs. This in turn resulted in a significant drop in spot trading volume in Bitcoin. As a result, it causes the rate to be “out of sync”.
In addition, he mentions that in the past, when the Bitcoin dominance rate was higher than the period before it, it was roughly seven times the top and close to the bottom only once in July 2021. The concluding notes make the bold observation, “We are guaranteed to see a period of extreme volatility.”
Ethereum price Bitcoin
The second part of Bluntz’s analysis included the possibility of Ethereum falling faster than BTC. Sharing his analysis of ETH/BTC, Bluntz says that ETH could drop as low as 0.06 BTC ($1.757) before regaining its bullish momentum and rising to 0.073 BTC ($2.138).
I think ETH/BTC/ is starting to look bad again and price action from March lows was probably an ABC rally. It’s losing 0.618 every day and a new bottom looks likely. It is difficult to rise in altcoins as ETH/BTC is about to hit a new daily/weekly low.
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