Toward a Bitcoin (BTC) Bear Market: Bluntz’s Analysis

The famous analyst Bluntz is known for his bearish predictions on the crypto market. Projections that have hit the mark in the past. Like when in 2018, the analyst successfully predicted that the bitcoin market would experience a major drop in valuation. In this post, we share with you his latest analysis about the queen of cryptos.

BTC price will quickly rally and crash again according to Bluntz

Bitcoin (BTC) recently fell to $25,000. The asset, however, quickly rallied to $26,000 before crashing again to currently show $25,150. This fluctuation shows increased instability of the flagship crypto.

This trend, crypto analyst Bluntz thinks it’s likely to last for a while. According to the expert’s opinion, the bitcoin price could quickly rebound without holding up.

In fact, according to Bluntz, this rally should give way to a bear market. The latter, unlike the rise in price that precedes it, should be maintained in the short term. In this projected mishmash, it is not excluded that the valuation of the asset falls to less than $24,000.

“Now that the price action has played out a bit longer, I think a reading below $24,000 is likely,” explains Bluntz in a newsfeed posted on his Twitter account.

He adds : “The risk/reward ratio is gone, but for sure we will be looking to redeem any bounces over the next day. The mere fact that cryptos are trading like this while other risky assets are rising likely indicates that more bad news is on the horizon.”

For trader Dave the Wave, bitcoin has the potential to explode in the long term. According to him, this is shown by the analysis of the movements of the asset based on the technical indicator Moving Average Convergence Divergence (MACD).

“Technically, in the longer term, the MACD looks set to move higher just below the zero line. Bullish and still in the buy zone of the logarithmic growth curve,” said the analyst.