In a notable turnaround, Bitcoin (BTC) has shattered its downward trajectory, soaring beyond the $27,000 milestone. It was an impressive comeback after two weeks which can be attributed to a legal victory for Grayscale in the United States.
Could the recent price surge in Bitcoin and Ethereum be a temporary rebound, and is there a possibility of further downside? Let’s hear it from analyst Bluntz.
An analyst renowned for accurately predicting the low point of Bitcoin’s 2018 bear market has now signaled the onset of another cryptocurrency downturn.
Although both Bitcoin and Ethereum have each gained over 5% in value, pseudonymous analyst Bluntz asserts that these leading crypto assets, with the highest market capitalization, still possess untapped potential for decline. This indicates a shift in favor of bears over bulls.
The analyst foresees a clear bottom for BTC and ETH as per the current shift which shows a downward signal. Over this, a lingering conviction persisted that an additional downward movement might be necessary. Expectedly from here onwards, the completion of a final downward wave, specifically the fifth wave of C, appeared to be a prerequisite in both BTC and ETH before they are declared as bottomout.
“He still thinks one more leg down needs to happen to complete a (5) of C for BTC and ETH before he will be happy to call bottoms.”
Drawing upon the Elliott Wave theory for his technical analysis, Bluntz employs a chart to illustrate his predictions regarding the potential trajectory of Ethereum. The chart showcases Bluntz’s perspective that ETH is nearing the conclusion of a comprehensive five-wave pattern (labeled as 1, 2, 3, 4, 5) with a targeted price of $1,450. This chart further reveals the existence of a five-wave pattern nested within a larger three-wave pattern (designated as A, B, C), all of which conform to the overarching downward trend.
Read More: Bitcoin (BTC) Price Prediction for September 2023: Bullish or Bearish?
Talking about invalidation of his bearish forecast for both Bitcoin and Ethereum, Bluntz said, that if there were a breach of $1,804 for ETH or $28,770 for BTC, the arguments would lose validity. This is due to the principle that wave 4 is not permitted to extend into the territory of wave 1.
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