Recent price movements in the cryptocurrency market caught the attention of Bluntz, a top crypto strategist, who noted that it points to the possibility of a significant correction for Bitcoin (BTC) and Ethereum (ETH). In his analysis, Bluntz refers to the Elliott Wave theory when examining the ABC correction pattern, which he argues is found in the middle of both crypto assets.
Elliot Wave theory is a technical analysis tool that predicts future price movements by manifesting in waves and following crowd psychology. According to the said theory, when an asset is in an uptrend, it usually witnesses an ABC correction wave before initiating the next major uptrend. According to Bluntz’s analysis, the price action of BTC and ETH over the past week suggests that both crypto assets may be in the final bearish phase of the ABC pattern.
According to Bluntz’s comments, although the crypto market has been performing exceptionally lately, some worrying signs are emerging for BTC and ETH.
“We’ve had a phenomenal month but I think BTC and ETH look a bit concerning here. Time to calm down and see how the next few weeks unfold. I’ve really reduced my leveraged positions in the last few days. “I think a lot of this slowdown in BTC and ETH last week is probably B waves.”
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Analyst has a report showing that BTC could fall as low as $39,000 graphic shares. Bitcoin is trading at $42,697 at press time.
The analyst predicts that Ethereum may also drop to $2,000.
Bluntz’s assessment, which warns investors to be cautious, is an important guide for those who want to take a careful approach to potential risks in the market. This strategic move by the analyst serves as a valuable example for investors who want to be prepared for uncertainties in the market.
You can follow the current price movement here.
Source : the crypto basic