In the middle of the bear market in 2018, the crypto analyst Bluntz, who gained fame by predicting the level at which Bitcoin (BTC) would hit bottom before it happened, warned investors that the largest cryptocurrency could repeat the price movement in 2020 when it dropped from $10,000 to $4,000 within a few weeks. The analyst also issued a warning about Avalanche (AVAX).
Bitcoin Anticipated to Retreat to $20,000
Anonymous crypto analyst Bluntz believes that Bitcoin hit the bottom around $15,000. However, the analyst stated that it is possible for BTC to drop to $19,000 before entering a fully developed bull market phase next year:
I personally feel that BTC probably hit bottom around $15,000, but at the same time, I think we are in the 2019-2020 cycle and we can quickly drop to $19,000-$20,000 and form a higher bottom in the higher time frame. Thus, higher levels can be seen throughout 2024.
Bluntz Expects a Surge in TOTAL, Issues Drop Warning for AVAX
Bluntz stated that he closely follows the TOTAL graph, which tracks the total market value of the crypto market. According to the analyst, the TOTAL graph has completed an ABC surge and appears ready to make a new bull run after the formation of a bottom-top setup in the downtrend:
Bluntz’s analysis of the TOTAL graph shows that he uses the Elliott Wave Theory. The Elliott Wave theory is an important technical analysis formation that attempts to predict future price movements by following the crowd psychology tendency to move in waves. According to the theory presented by the formation, an asset in a downtrend can go through an upward ABC movement before continuing the downtrend.
Finally, transitioning to Avalanche, Bluntz said, “AVAX has reached the end of its surge after failing to surpass the resistance around $11. This surge was a good move from the bottom level after the hack of Stars Arena.”
