Cryptocurrency markets have become a rapidly changing and increasingly interesting part of the financial world. Bitcoin (BTC), the most prominent asset in these markets, is closely followed by a wide range of investors and its price movements attract great attention. Predictions and analyzes made by analysts and experts can be an important guide for investors and affect the general course of the market.
In this context, crypto analyst Bluntz’s important evaluations for Bitcoin and two popular altcoins attracted attention in the market.
First, Bluntz discussed the current state and potential future of Bitcoin. According to his analysis, he predicted that if Bitcoin’s price breaks the resistance level around $69,000, a significant recovery could occur. This could see Bitcoin return to the all-time high it previously reached.
According to Bluntz’s analysis, although Bitcoin has recently experienced a 14% pullback, this situation is temporary and the next wave of rises could push Bitcoin into a parabolic rally. indicates. Therefore, the current bearish trend can be seen as a harbinger of the market’s next major upward move.
According to current data, Bitcoin is trading around $67,437, while it recently reached its previous high, testing $69,000, and then dropped to $59,000. These fluctuations are one of the typical features of the cryptocurrency market and are an important element that investors should follow carefully.
Besides these, Bluntz analyzed the price of Solana (SOL), apart from the leading cryptocurrency. According to Bluntz, an upward trend for SOL is “imminent.” Based on the SOL/dollar chart shared by the analyst, it appears that SOL has completed four waves of the upward five-wave bullish pattern and could move as high as $200.
The analyst uses the Elliott Wave theory in this prediction. According to this theory, the main trend of an asset’s price moves in a five-wave pattern, but this pattern also includes a smaller three-wave correction movement.
Regarding the Solana/Bitcoin pair, the analyst suggests that SOL/BTC has completed a bearish three-wave pattern on the daily chart and is now about to resume its major uptrend.
The last cryptocurrency on the analyst’s radar is Sei (SEI). Bluntz says SEI is showing a strong retracement at the 0.618 Fibonacci retracement level, indicating a potential bullish move forward.
time to pay attention to $SEI again imo.
very strong reaction from a major 0.618 level on the sei/btc pair on daily pic.twitter.com/B34kiowmlw
— Bluntz (@Bluntz_Capital) March 7, 2024
Fibonacci retracements are thought to represent natural resistance and support levels; The most commonly used levels are: 0.382, 0.5 and 0.618.
You can follow the current price movement here.
