Although the leading crypto Bitcoin managed to stay above $ 30 thousand, it lost its momentum. Along with BTC, there is a recession throughout the market. An analyst who predicted Bitcoin collapses accurately in this environment shared the ‘maximum pain’ scenario for BTC. Also, the analyst updated his outlook on two competing altcoins.
‘Maximum pain’ scenario for Bitcoin
The cryptocurrency market left behind June, when it was on the rise. Even though it has had a hard time under regulatory pressures, it continues to resist. However, an analyst nicknamed Bluntz who predicts the bottom of Bitcoin’s (BTC) 2018 bear market is describing a scenario that will liquidate both the bulls and bears before the next rise of the leading cryptocurrency begins. For the analyst’s accurate predictions cryptocoin.comCheck out this article.
The analyst predicts that Bitcoin will briefly rise above the yearly high of around $31,500. However, he states that this is a bull trap. Therefore, he predicts that the BTC price will likely drop to $29,500 later on. Bluntz expects Bitcoin to start the next phase of the uptrend following the pullback. Therefore, he emphasizes that the move to $29,500 would likely be a bear trap. In this context, the analyst makes the following statement:
This scenario includes the maximum pain move in BTC ruining as many people as possible. Accordingly, BTC will take the highs of $31,500 and then bounce back to the lows of $29,500 before the actual sending takes place.
At press time, Bitcoin was trading at $30,527, down about 1% on a daily basis.
Bluntz awaits correction for rival altcoins ahead of rally
The crypto analyst says that Ethereum (ETH/BTC) against Bitcoin is giving bullish signals. Therefore, he also takes a look at Ethereum. According to Bluntz, the bullish pattern of ETH/BTC indicates that Ethereum and USD will witness rallies with minor pullbacks. From this point of view, the analyst makes the following assessment:
After sweeping both highs and lows, a highly bullish four-hour chart is forming on ETH/BTC. I was thinking that the USD pair could be pulled deeper than it had. However, with this setup in ETH/BTC parity, we are perhaps starting to mark with very little pullback from here.
At press time, the leading altcoin Ethereum was changing hands at $1,915, losing 1.7% on a daily basis.
Bluntz also says he has Ethereum’s rival Solana (SOL) on his radar. The analyst expects the SOL to correct towards the $18 level in the coming days before reversing and rising towards $24. He expresses his estimation on this subject in the following way, accompanied by a graphic:
I’m following something like this on SOL to add to longs this week.
At press time, Solana was changing hands at $18.83, down 3.17% on a daily basis. This level seems to be in line with the level where the analyst is waiting for a correction.
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