Crypto Trader Predicts Bitcoin and Ethereum to Drop – Find Out His Prediction

Crypto Trader Predicts Bitcoin and Ethereum to Drop – Find Out His Prediction


Crypto strategist warns that Bitcoin and Ethereum have not yet hit their market bottoms, with a potential drop to $24,000 for Bitcoin and a bear flag pattern forming for Ethereum, according to Bluntz.

A broadly followed cryptocurrency strategist reveals that the market bottoms are not is still in for Bitcoin (BTC) and Ethereum (ETH) (ETH).

The pseudonymous analyst known as Bluntz tells his 223,000 Twitter followers that Bitcoin (BTC) is likely going to dip down to the $24,000 level come June.

“ Despite the fact that the low timeframes look good, the higher timeframes still look quite heavy. Can’t help but feel this ends up resolving as a type of higher timeframe bear flag on Bitcoin and Ethereum (ETH). Will be keeping a very keen eye on $28,200-$28,300 region, that is where I’d be watching for any kind of failure.”

Looking at his chart, the analyst signifies BTC’s price action is forming a double 3 Elliott Wave pattern, with the waves labeled W, X, and Y in technical analysis. The trader labels the W and X waves and draws in the Y corrective wave that would plunge Bitcoin down below the $24,800 level.

Bitcoin (BTC) is trading for $26,326 at the moment of writing, down 3.2 percent during the last 24 hours.

Reports by the analyst, Ethereum (ETH) appears to be forming a bear flag pattern, which is formed when two periods of decline are separated by a period of consolidating retracement and is very likely continue on a downtrend.

“Bear flag looking incredibly likely now imo (in my opinion), I did think we would pop higher but with this selloff today I think it’s come sooner and things may get ugly quickly.”

Image
Source: Bluntz/Twitter

The trader had previously warned of a “scam” bounce for Ethereum (ETH) according to social media hype he reviewed.

“Just spent about 10 minutes browsing my feed and can say it’s an incredibly low-quality timeline at this time. It’s basically 90 percent shit posts with the occasional doom posting sprinkled in between. Can’t help but feel a scam pump is brewing.”

Image
Source: Bluntz/Twitter

Ethereum (ETH) is trading for 1,798, down 2.9 percent during the past 24 hours.

Generated Image: Midjourney



Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.
READ NOW
Bitcoin prices taper off as debt ceiling negotiations looms




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend