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Bitcoin is up over 60% from its 2020 low of $3,850, trading above $6,000. While the king coin is showing signs of recovery, a crypto trader and Elliott Wave technical analyst believes that Bitcoin is not yet out of the woods.
Benjamin Blunts tells his 52,300 followers on Twitter that BTC will likely revisit its 2018 bottom of $3,200.
“[I] haven’t done a $BTC update in a while but structurally this rise looks corrective, I think this was an ABC and we continue lower here.”
The trader analyzes Bitcoin’s price action using Elliott Wave Theory. The advanced technical analysis technique relies on identifying recurring wave patterns that exhibit the repetitive behavior of market participants. Based on Elliot Wave principles, an ABC corrective in a bear market is a temporary rally. Once the pattern is complete, the asset will likely resume its downtrend.
Benjamin Blunts used his expertise in Elliott Wave analysis to accurately predict the Bitcoin bottom in 2018, which came true on December 15th. The trader offered his $3,200 BTC forecast as early as June 2018.
Im calling a bottom at exactly 3.2k with a 200 dollar leeway either side.
Will retweet the shit outta this when it happens.
— ??Benjamin Blunts?? (@SmartContracter) June 23, 2018
But not everyone shares the bearish sentiment. Naeem Aslam, chief market analyst at AvaTrade, says Bitcoin is gathering bullish steam.
“When it comes to bitcoin, the crypto king is on fire, and we have seen a decent rally.
Given the fact that the price has crossed the $6,000 mark — an important level of resistance — the upward momentum is likely to pick up the pace, and if the price crosses the 200-day moving average on a daily time frame, it would be a huge buy signal.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/hxdyl
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