A widely followed crypto strategist says the market bottoms for Bitcoin (BTC) and Ethereum (ETH) have not yet been reached.
The pseudonymous analyst known as Bluntz tells are 223,000 Twitter followers that Bitcoin is likely to fall to the USD 24,000 level in June.
“While the low time frames look good, the higher time frames still look pretty heavy. I can’t help but feel that this will eventually be resolved as some kind of higher time frame bear flag on BTC and ETH. I will keep a close eye on the $28,200-$28,300 region where I would look for any kind of failure there.
Looking at his chart, the analyst indicates that Bitcoin’s price action forms a double three 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 correction wave that would plunge BTC below the $24,800 level.
Bitcoin is trading at $26,326 at the time of writing, down 3.2% over the past 24 hours.
According to analyst Ethereum appears to form a bear flag pattern, which is formed when two periods of downturn are separated by a period of consolidating retracement and is likely to continue a downtrend.
“Bear flag looks very likely now (in my opinion), I thought we’d be higher, but with this sell-off today, I think it’s come before and it could get ugly fast.”
The trader had earlier warned of a “scam” bounce for ETH based on the social media hype he reviewed.
“I’ve just been scrolling through my feed for about 10 minutes and can say it’s an extremely low quality timeline right now. It’s basically 90% shit posts with the occasional doom message in between. I can’t help but feel like a scam pump is brewing.
Ethereum is trading for 1,798, down 2.9% in the past 24 hours.
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