Bitcoin and Ethereum Face Potential Downturns, Analyst Says
Cryptocurrency analyst Bluntz is skeptical of the recent uptrend in Bitcoin and Ethereum prices, predicting more downturns for the flagship crypto assets. Using the Elliott Wave theory, Bluntz suggests that Ethereum is completing a five-wave pattern and will decline to $1,450. He also notes a larger three-wave pattern on a downtrend that must be completed before a bullish upturn.
Potential for Bullish Breakout
While Bluntz’s analysis suggests a bearish trend, he believes there is potential for a bullish breakout. He states that this theory becomes invalid if Ethereum breaks above $1,804 or Bitcoin surpasses $28,770.
Bitcoin and Ethereum’s Recent Performance
Both Bitcoin and Ethereum currently exhibit a slightly bearish outlook. Bitcoin trades at $27,211 with a 1% decline, while Ethereum is down 0.89% at $1,704. Bitcoin had been under bearish pressure after slipping from the $29,000 support level. However, a court ruling in favor of Grayscale Investment led to an uptick in market capitalization and a temporary spike in Bitcoin’s price.
Ethereum’s Market Outlook
Ethereum has followed a similar pattern as Bitcoin, experiencing a bearish trend but showing potential for recovery. It slipped off the $1,800 support level but rallied above $1,740 before regressing. Despite the regression, Ethereum maintains a price level above $1,700 and suggests bullish momentum for a recovery.
Hot Take
While Bluntz’s analysis offers a bearish perspective, the potential for a bullish breakout remains. Bitcoin and Ethereum’s recent performance indicates a volatile market, but there are signs of recovery and upward momentum. Crypto investors should closely monitor price levels and market trends to make informed decisions.
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