A popular crypto analyst and trader is offering his forecast on Bitcoin (BTC), Ethereum (ETH) and altcoins amid a dip in prices.
Pseudonymous analyst Bluntz tells his 222,400 Twitter followers that his prediction on Tuesday that BTC would hit a new 2023 high within hours had failed to materialize.
Bluntz had predicted that Bitcoin would surpass this year’s high of $31,000 within 24 to 36 hours. With Bitcoin trading at $28,079 at time of writing, down by 8% over the past week, the analyst now says his prediction is no good.
The analyst also says that ETH has moved back into a 300-day range, suggesting that Ethereum’s recent breakout could be a bull trap.
“Ate some losses and closed off a bunch of positions but I feel a lot of weight off my shoulders.
Don’t particularly feel like being a stubborn martyr and holding losses with Ethereum now well and truly back into the major range we had just broken out of.”
Ethereum is trading at $1,920 at time of writing, down 5% over the past week.
Turning to altcoins, the pseudonymous crypto analyst says that they have exhibited bearish swing failure patterns (SFP), a technical formation that signals a reversal in trend.
According to Bluntz, the price appreciation that some altcoins have experienced over the past month were bear market rallies, which are short-term upswings that occur in a macro downtrend.
The analyst, who usually uses the Elliott Wave theory in his technical analysis, further says that these short-lived upswings could have been part of a corrective three-wave ABC pattern in a downtrend, where wave B is typically a short-term bounce to be followed by a deeper move down.
“Whole bunch of altcoins flashing weekly bearish SFPs. Avalanche (AVAX) is one and I’ll try to dig up some more.
But I think in regards to altcoins, a lot of these moves up over the last month could have been B waves, with much deeper declines still to come.
These are feeling like warning signs to me.”
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