Cryptocurrencies have become a major focus of attention in the financial world in recent years, and Bitcoin is one of the most popular and well-known cryptocurrencies in the field. Therefore, predictions and analysis regarding the future and price of Bitcoin are a hot topic for investors and the cryptocurrency community.
The pseudonymous crypto analyst Bluntz, known for his successful prediction in 2018, has made a remarkable new prediction. According to Bluntz, Bitcoin may experience a significant jump in the near future. However, this bounce will be short-lived and predicts that the price will then enter a downtrend.
Bitcoin (BTC), the largest cryptocurrency by market cap, seems to be gathering strength for a rally to $29,000, according to the analyst. It is worth noting that Bitcoin was trading at around $27,000 when the analyst shared the price prediction in question.
Blunt, this your guess It is based on the history of Bitcoin. In 2019, Bitcoin experienced a historic price rally, going from $8,000 to $12,000 in less than a month. However, this rally was short-lived and the price then started to decline. Using current market conditions and technical analysis, Bluntz predicts that a similar scenario could happen again.
Below an explanatory graphic, Bluntz wrote:
“I am actually open to the idea of BTC bouncing a little higher from the top of the channel, similar to 2019. Such a rise would likely give altcoins quite a bit of room for smooth bounces, some seem poised to do so.”
Bluntz believes that although Bitcoin may see a bounce in the short term, the rally will be short-lived and BTC will eventually continue its downtrend on its way to $20,000.
“Personally, I was thinking around $20,000 – $21,000 max, but for now, I’m looking for an uptrend. I will be waiting to see how the price action will move in this bounce. Always try to keep an open mind.”
At the time of this writing, BTC is trading at $28,016, up 3% in the last 24 hours and 4.64% in seven days, according to CoinMarketCap.
You can follow the current price action here.