Foretelling Bitcoin bottoms in the 2018 bear market, “Bluntz” now expects deeper moves for the BTC price. The aforementioned correction expectation has been on the agenda of several analysts in recent days.
Hit trader says Bitcoin price is in a deeper decline
Crypto analyst and trader named Bluntz foreshadowed the 2018 crash and 2020 rally at $3,200 in Bitcoin. In his current analysis, he observes red signals on the four-hour BTC chart.
According to their analysis, BTC is floating in an ABC correction that will drag its price to $28,000 in short time frames. Bluntz warns that this build could extend into the $27,000 region…
Browsing the 4-hour BTC chart, the analyst says, “I expect a deeper drop now.” He wrote about the fix in his recent Twitter analysis:
The maximum pain point in this scenario, which has ruined as many people as possible in BTC, will be to hit 31,500 and then bottom at $29,500 before the actual correction takes place. But most people will be afraid to buy $29,500. Here, brutality is occurring on the 4-hour chart on BTC. Now I expect a deeper drop. After a simple drop to $29,500, I expect the $27,000 region.
Bluntz expects a sudden reversal for BTC
The analyst, who was waiting for a bottom in the $27,000 region, remained optimistic for the long term. As the chart below shows, new local highs above $31,000 await after the said correction. According to their technical analysis, BTC price will first make a sharp reversal above $31,500 after bottoming out. Bluntz expects to rally up to around $33,800 from this point.
Another technical analyst warns Bitcoin investors against ‘bear trap’
Crypto analyst nicknamed Inmortal also agrees that we will see correction in the short term. However, unlike Bluntz, he predicts that Bitcoin price will recover just before seeing new lows. According to Inmortal, BTC will find support at $30,000. The price will then quickly recover from this level to $32,000. The crypto analyst says this move will be an obvious ‘bear trap’. According to their analysis:
The decline at the beginning of the week was to break the support.
People are switching to the short side now
They’re trapped
Then we try to prolong recovery before short squeezeThis is a setup I would love very much.
Rekt Capital revealed a rather optimistic scenario for the short term
Elsewhere, renowned trader Rekt Capital said that its current consolidation above $30,000 has set a new bullish setup for BTC. The technical analyst says we are currently in the accumulation phase. In his analysis, he advised his followers to wait a little longer:
Maybe if we’re patient, we’ll find out that BTC is in another reaccumulation pattern, and it’s only a matter of time.
Bitcoin is currently hitting the $31,000 mark, up 1.5% on the intraday. The leading crypto has been continuing its upward movements since June’s ETF news. According to historical data, Bitcoin tends to close July on a generally positive note.
Meanwhile, US inflation figures will be released today at 3:30 p.m. Turkish time. cryptocoin.com In this article, we have included the latest situation in the markets before the critical data.
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