Bitcoin Analyst Warns of Potential Steep Correction
A popular crypto trader, known as Bluntz, has issued a warning to Bitcoin bulls about a potential steep correction in the market. Bluntz suggests that Bitcoin could experience a pullback similar to the one seen in 2019, where the price dropped by over 80% from its previous high. The analyst believes that the current lack of momentum is making it increasingly difficult to remain bullish on Bitcoin.
Possible Rally Before Steep Correction
Bluntz also suggests that Bitcoin may rally first before undergoing a steep correction. He mentions that it wouldn’t be surprising to see Bitcoin reach new highs around $30,200 before any significant breakdown occurs.
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Potential Upside for VeChain and Hedera
Bluntz highlights two altcoins, VeChain (VET) and Hedera (HBAR), as having potential for an upside move if Bitcoin performs well. He mentions that these coins, which were previously considered to be dead, are starting to show promise.
The Graph’s Solid Breakout
The analyst also mentions The Graph (GRT), a blockchain indexing protocol, as showing signs of a solid breakout. However, he expresses frustration over the lack of liquidity in the market for this coin.
Hot Take: Bitcoin Bulls Should Remain Cautious
Bluntz’s warning to Bitcoin bulls is a reminder that the crypto market is unpredictable. While there may be potential for a rally, there is also a risk of a steep correction. Investors should exercise caution and closely monitor the market to make informed decisions.
