Bitcoin Bluntz, who is known for accurately predicting the price bottom in 2018, thinks BTC could repeat its 2020 price movement in the next few weeks. BTC dropped from a price tag of $ 10,000 to $ 4,000 in 2020.
Bluntz believes that a similar decline in current market dynamics creates a cycle bottom at $15,000 levels. The analyst also highlighted two critical levels, stating that there may be a decline towards around $19,000 before a bull market that he believes will start next year.
Bluntz stated that he also closely monitors the TOTAL chart, which tracks the market value of all crypto assets. According to the trader, TOTAL looks set to witness another leg up after completing an ABC bounce and printing a bearish lower-high setup.
Bluntz uses Elliott Wave theory in his analysis. Elliot Wave theory is an approach to technical analysis that attempts to predict future price movements by following crowd psychology, which tends to occur in waves. According to theory, a downtrending asset may go through an upward ABC move before resuming the downtrend.
At the time of this writing, TOTAL was trading at $1.05 trillion.
Continuing his predictions with the smart contract platform Avalanche, Bluntz thinks that the altcoin’s jump has ended after it failed to overcome the resistance around $ 11.
AVAX has sharply rejected a key level following the Stars Arena hack. It was a good move from the low end, but I don’t think it’s worth continuing to hold.
Over the weekend, Avalanche-based social finance (SocialFi) app Stars Arena was hacked and $2.9 million worth of AVAX was stolen.