Analyst Warns Weak Stock Market Could Trigger Crypto Sell-Off
A pseudonymous analyst known as Bluntz, who accurately predicted Bitcoin’s 2018 bear market bottom, is now sounding the alarm about a potential sell-off event in the crypto market. Bluntz, who follows the Elliott Wave theory, believes that the stock market’s recent struggle at the 0.618 Fibonacci level may have negative implications for crypto.
According to Bluntz, the Elliott Wave theory suggests that bearish assets typically experience an ABC bounce before continuing their downtrend. Given the current state of the stock market, Bluntz advises caution and recommends against being bullish on both stocks and crypto.
Bluntz points out that the stock market’s recent bounce has only occurred in three waves, signaling a potential stall. If the stock market takes a downturn, it could have a significant impact on the crypto market as well.
Bluntz advises readers to stay safe and not to take any long positions at this time. He emphasizes that even having no position is a valid position in uncertain market conditions.
Hot Take: Stock Market Correction Could Spell Trouble for Crypto
As the stock market teeters on the edge of a potential correction, the crypto market may also face repercussions. Analyst Bluntz, known for his accurate predictions in the past, believes that the stock market’s struggle at a key Fibonacci level is a cause for concern. With the potential for a sell-off event, it’s crucial for crypto investors to exercise caution and avoid taking bullish positions. Bluntz’s warning serves as a reminder that market conditions can have a significant impact on crypto assets. Stay informed and be prepared for potential price fluctuations in both the stock market and the crypto market.
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