A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom is forecasting how the entire crypto market could carve a price floor this cycle.
Pseudonymous analyst Bluntz tells his 225,600 followers on the social media platform X that he’s closely looking at the total market cap of crypto (TOTAL).
Bluntz says he sees the TOTAL chart losing about 15% of its value before crypto assets could witness a significant bounce.
“Looking at TOTAL paints the clearest picture of them all, far more than looking at either ETH or BTC on their own.
Based off of TOTAL, I do believe the June lows still need to be swept before calling bottoms, but it will probably be the last GOOD buying opportunity of the next few years.”
Looking at Bluntz’s chart, it appears that he expects the total market cap of all crypto to plummet to $880 billion. At time of writing, TOTAL is sitting at $1.032 trillion.
The analyst is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. Bluntz says that his prediction is based on a model that outlines an asset’s potential correction after a steep rally.
“Based off simple Elliott Wave model, viewing the rise from the lows as an impulsive move and our corrective wave from the highs being around 70-80% complete.”
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Generated Image: Midjourney