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Renowned cryptocurrency analyst and trader Bluntz is warning that leading cryptocurrencies Bitcoin (BTC) and the biggest altcoin, Ethereum (ETH), have not yet hit rock bottom.
Predicting a Drop for Bitcoin to $24,000
Known as Bluntz, the anonymous cryptocurrency analyst predicts that Bitcoin could drop as low as $24,000 in June. “While it looks good in lower timeframes, the higher timeframes still look pretty bad. I sense this will resolve into some sort of higher timeframe bear flag in BTC and ETH. I’ll be watching the $28,200 to $28,300 range very closely for any kind of failure,” he explained.
Looking at Bluntz’s chart, it appears that Bitcoin’s price movement is creating a double triple Elliott Wave pattern labeled as W, X, and Y waves in technical analysis. The analyst labels the W and X waves and points out the Y corrective wave that will push BTC below the $24,800 level.
A Warning of a ‘Hype Rally’ for Ethereum
Moving on to Ethereum after Bitcoin, Bluntz suggests that there might be a bear flag formation emerging in the chart of the largest altcoin, combined with accumulation and short-term ups and downs. “The bear flag now seems extremely probable. I thought we would go higher, but with this sell-off today, it seems too early to expect such a decline, and things can get ugly quickly,” he said.
The analyst had previously warned of a possible hype rally for ETH based on the social media hype he had examined, stating, “I spent about 10 minutes looking through my social media feed and I can say we are currently facing an extremely low-quality chart. Basically, 90% of it is quite low-quality posts with doomsday scenarios sprinkled in between. I feel like a hype rally is being prepared to hit people.”
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