Strategist Bluntznicknamed Smart Contracter, is well known on social networks, in this case on Twitter. In the middle of this month, he shared his analyzes on the crypto market and the stock market. He notably talked about the upcoming prices for BTC and SOL.
A drop to $15,500 for bitcoin (BTC)
Crypto analyst Bluntz predicted the bitcoin (BTC) bear market bottom in 2018, accurately. Thanks to his prediction, he won a large audience on social networks. Now, he returns to make another prediction on the flagship crypto. Indeed, Bluntz said in a tweet that there will be ups and downs for bitcoin.
” Highs and lows are in this BTC range asserted the crypto strategist. He added that he expects ” a return to the bottom of the range “. According to him, we could observe a rally to $17,500 for BTC, which is currently trading around $16,800. But then there will be a crypto crash around $15,500.
Elliott wave theory
Bluntz used Elliott wave theory to make his bitcoin prediction. Ralph Nelson Elliott developed this theory after several observations. This states that the ” fractal wave patterns recurring » are based on the mass psychology. It would make it possible to predict movements in asset prices. Elliott used it to predict the bottom of the stock market in 1935.
Furthermore, Bluntz relied on Elliott’s theory to predict an upcoming rally in the SOL market. According to him, Solana (SOL), after having reached a milestone by completing a corrective phase, is ready for a rise.
A bullish DXY, according to Bluntz
Last December 14, Bluntz also talked about the US dollar index (DXY). He indicated that the latter has exceeded its resistance and is now showing a bullish trend. Recall that the DXY assesses the value of the US dollar against various foreign currencies. These include the EUR, GBP, JPY and CHF.
Overall, crypto analysts are optimistic about the future of bitcoin (BTC) in 2023. For example, billionaire investor Tim Draper predicted a rally to $250,000 for the flagship crypto.
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