A Crypto Analyst Predicts a Correction for Bitcoin and Ethereum
A well-known crypto strategist, who goes by the pseudonym Bluntz, has warned that both Bitcoin (BTC) and Ethereum (ETH) might experience a significant correction. Bluntz is an advocate of the Elliott Wave theory, which uses crowd psychology to predict future price movements. According to this theory, a bullish asset typically undergoes an ABC correction wave before continuing its upward trend.
Based on recent price action, Bluntz suggests that BTC and ETH are currently in the last leg down of the ABC pattern. He advises caution and expects a potential correction in the coming weeks. Bluntz has reduced his leveraged positions in response to his concerns about the market.
Possible Price Targets for Bitcoin and Ethereum
Bluntz shares a chart that indicates BTC could pull back to around $39,000. At the time of writing, Bitcoin is trading at $43,523. As for Ethereum, the analyst predicts a drop to $2,000. Currently, ETH is valued at $2,272.
Hot Take: Are BTC and ETH Heading for a Correction?
A prominent crypto analyst known as Bluntz has raised concerns about Bitcoin and Ethereum. According to Bluntz’s interpretation of the Elliott Wave theory, both cryptocurrencies may be entering a correction phase. The analyst advises caution and expects a potential downward movement in the coming weeks. Bluntz points out specific price targets for BTC ($39,000) and ETH ($2,000). However, it’s important to note that cryptocurrency markets are highly volatile and subject to rapid changes. Investors should carefully evaluate their risk tolerance and consider various factors before making any investment decisions.
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