Bluntz, a well-known cryptocurrency analyst, shared his views on Bitcoin’s (BTC) future and predicted a significant move before the largest cryptocurrency reaches new record levels. The analyst also warned about dogwifhat (WIF), an altcoin that made headlines with its rise this year.
Prediction of a “Drop” Leading Above 80 Thousand Dollars
Bluntz, who has a significant following on the social media platform X, suggested that Bitcoin is currently forming a bull flag pattern on a three-day timeframe, indicating a strong upward movement following a consolidation period.
According to Bluntz, Bitcoin may undergo one last correction, potentially dropping to around 60 thousand. He expects this drop to set the stage for a subsequent rally, pushing BTC above the 80 thousand dollar level. Considering the current market conditions, he anticipates some high timeframe consolidation for BTC.
On the other hand, Bluntz expressed concerns about the impact of Bitcoin’s potential pullback on altcoins. He noted that while Bitcoin has shown resistance without significant movement, altcoins have already experienced substantial losses. He emphasized that a 12% drop in Bitcoin to 62,500 dollars could be devastating for many altcoins.
The analyst’s chart analysis indicates a bullish outlook for Bitcoin in the long term. He predicts that Bitcoin will approach 87,500 dollars by the end of the year. Currently, Bitcoin is trading at 67,480 dollars, down over 3% in the last 24 hours.
Negative Outlook for Dogwifhat (WIF)
Bluntz also revealed that he is closely monitoring the performance of WIF, the mainnet asset of the popular altcoin dogwifhat. He predicted a significant price drop for WIF.
According to the analyst’s analysis, there is a very high probability that WIF will drop to 1 dollar. This prediction is based on the Elliott Wave theory, which argues that assets moving in an upward trend undergo an ABC correction after a five-wave rally.
Applying the Elliott Wave theory to WIF, Bluntz believes the altcoin has completed its five-wave rise and approached 5 dollars. The subsequent correction phase seems to be ongoing, with WIF currently trading at 2.54 dollars. The price chart shared by the analyst indicates that WIF will continue its downward movement and potentially bottom out around 1.068 dollars to complete the ABC correction.
