A Top Trader Predicts Bitcoin Will See New Lows
A popular trader known as Bluntz, who accurately predicted Bitcoin’s bear market bottom in 2018, believes that the crypto king is headed for another decline. Bluntz suggests that Bitcoin has formed a bearish lower-high setup after failing to break through resistance at $27,000. According to his analysis, Bitcoin is currently in an ABC corrective move that could push the price down to around $23,800.
Bluntz follows the Elliott Wave theory, which predicts future price action based on crowd psychology. This theory suggests that Bitcoin may experience an ABC correction before potentially continuing its upward trend.
Currently, Bitcoin is valued at $26,646.
Aside from Bitcoin, Bluntz is also monitoring the performance of tech stocks like Microsoft (MSFT), Apple (AAPL), and Nvidia (NVDA). He believes that these three large-cap tech names are displaying potential bearish reversal signals on the quarterly chart.
Hot Take: Bitcoin’s Downside Target
A top trader who correctly predicted Bitcoin’s bear market bottom in 2018 believes that the cryptocurrency is heading for new lows. According to the trader, Bitcoin has formed a bearish lower-high setup and is currently in an ABC corrective move. The trader predicts that Bitcoin could decline to around $23,800, which would be a six-month low. The trader follows the Elliott Wave theory, which suggests that Bitcoin may experience a correction before resuming its uptrend. In addition to Bitcoin, the trader is also monitoring the performance of tech stocks like Microsoft, Apple, and Nvidia.
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