A top trader who hit the bottom of Bitcoin’s (BTC) bear market in 2018 is predicting another step back for the crypto king.
Pseudonymous analyst Bluntz tells his 224,800 followers on social media platform
According to the analyst, BTC is in the midst of a corrective ABC move that could push Bitcoin to a six-month low of around $23,800.
“I don’t think the ‘bottom’ is there yet, because the structure just doesn’t look right to me yet. I think the $24,800 lows need to be convincingly knocked out first and the last 39 days of price action may be part of a larger sideways correction.
I have some skin in the game, but mainly still in stablecoins and am waiting on the sides for now.
Bluntz is a popular practitioner of Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by monitoring the psychology of the crowd, which often manifests itself in waves. According to the theory, a bullish asset can undergo an ABC correction before potentially resuming its uptrend.
At the time of writing, Bitcoin is worth $26,646.
Bluntz also looks at the performance of technology stocks Microsoft (MSFT), Apple (AAPL) and Nvidia (NVDA). According to the trader, the three major tech names are delivering a potential bearish reversal signal on the quarterly chart.
“Quarterly closes in a week and there are some absolutely terrible quarterly closes and [bearish divergences] are currently forming on megacaps. Insert ‘this is fine’ gif.”
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Generated image: Midjourney
