A Crypto Trader Predicts Bear Market Bottom for the Entire Crypto Market
A trader known as Bluntz, who accurately predicted Bitcoin’s bear market bottom in 2018, is now forecasting a potential price floor for the entire crypto market this cycle. Here are the key points:
– Bluntz believes that the total market cap of crypto (TOTAL) will lose about 15% of its value before witnessing a significant bounce.
– He considers the TOTAL chart as the clearest indicator, more so than looking at individual assets like BTC or ETH.
– Bluntz suggests that the June lows still need to be swept before calling bottoms, but this could be the last good buying opportunity for the next few years.
– Based on his chart, Bluntz expects the total market cap of all crypto to plummet to $880 billion, while it currently sits at $1.032 trillion.
– Bluntz’s prediction is based on the Elliott Wave theory, which analyzes crowd psychology and predicts future price action in waves.
Hot Take: A Potential Buying Opportunity for Crypto Investors
According to Bluntz, the crypto market could experience a bear market bottom, providing a potential buying opportunity for investors. His analysis suggests that the total market cap of all cryptocurrencies could drop to $880 billion, presenting a significant correction after a steep rally. However, it’s important to note that market predictions are speculative, and investors should conduct their own research before making any investment decisions.
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