Smart Contracter, which stands out with its predictions for Bitcoin and altcoins and has recently been called Bluntz, shared a new interpretation. Bluntz announced that he foresees a correction for some altcoins. Here are the details…
What investment move is being followed for Bitcoin and Ethereum?
Crypto analyst and trader Bluntz, who has a significant following of 222,400 on Twitter, shared his predictions for Bitcoin (BTC), Ethereum (ETH) and altcoins amid the drop in prices. Bluntz previously predicted that BTC would reach a new 2023 high within hours, but the prediction did not come true. Bitcoin is currently trading at $28,079, down 8 percent over the past week, and the analyst acknowledges that his previous forecast is no longer valid.
Regarding ETH, Bluntz states that it has returned to the 300-day range, suggesting that Ethereum’s recent exit could be a bull trap. According to his statements, the trader took losses and closed several positions because he believes that holding losses with Ethereum is not the best investment move as he is back in his new range. Ethereum is currently trading at $1,920, down 5% over the past week.
Analyst expects bearish for altcoins: Signal of reversal
Bluntz also warns that altcoins exhibit bearish failure patterns (SFP) that signal a trend reversal. He believes the price surge some altcoins have experienced over the past month are short-term spikes that occur in a macro downtrend known as bear market rallies. Bluntz uses Elliott Wave theory in his technical analysis and thinks that these short-lived spikes could be part of a corrective three-wave ABC pattern in a downtrend; where wave B is typically a short-lived bounce followed by a deeper downward move.
Bluntz has identified Avalanche (AVAX) as an altcoin showing weekly bearish SFPs, but he believes more warning signs may come. According to Bluntz, most of the spikes last month could be wave B, and much deeper dips could be on the horizon for these altcoins.
cryptocoin.com As we reported, Bluntz has a track record of making accurate predictions about Bitcoin’s rally, crash and short-term price movements. He correctly predicted an altcoin collapse in February 2021 and correctly predicted that Ethereum would drop to around $1,600 in March of the same year. In September 2021, he made another accurate prediction about the withdrawal of Bitcoin and Ethereum. His insights and predictions continue to be sought after by many in the crypto community.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.