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Notable cryptocurrency analyst Bluntz, known for accurately predicting Bitcoin‘s (BTC) slump in 2018, anticipates continued decline in the world’s largest cryptocurrency by market cap.
“Expect Short-term Drop, Long-term Rise for Bitcoin”
The anonymous analyst, Bluntz, suggests a rapid surge in Bitcoin could occur before the continuation of the ongoing bearish trend. According to Bluntz, Bitcoin’s price chart suggests an impending downward movement, indicating further adverse news for the world’s largest cryptocurrency:
If upward price movements do not occur, I see a high possibility of going below $24,000. There is a triangle formation here on the 4-hour price chart formed by the horizontal movement of the price, and the trend that will be triggered by this formation will definitely be a bearish trend. There’s no risk/reward now, but I certainly won’t miss the opportunity to short sell if any upward bounce occurs. The fact that the largest cryptocurrency is trading this way while other risky assets are rising tells us that more bad news is coming.
While Bluntz anticipates a short-term drop in Bitcoin, he also forecasts an uptrend with the potential formation of a bull flag on higher time frames. According to the analyst, Bitcoin will eventually rise, but a short-term drop is inevitable.
“Dave the Wave Also Anticipates Long-term Rise in Bitcoin”
Another cryptocurrency analyst, Dave the Wave, has announced he is closely monitoring Bitcoin’s monthly chart amid the market downturn. The analyst, known for predicting and warning about the collapse of Bitcoin in May 2021, states that the monthly Moving Average Convergence Divergence (MACD) indicator is poised to exceed a level that has signaled the start of a new bull market in the past, and suggests a long-term bullish trend for BTC. The MACD is a popular technical analysis tool used by investors to detect potential trend reversals.
Currently, there is a hesitation between BTC’s monthly MACD and the signal line. Looking macroscopically, volatility is declining and price is gaining stability. Technically, on a longer timeframe, the MACD appears ready to rise slightly above the zero line. The long-term Bitcoin chart remains in an uptrend and is currently in the buying zone of the logarithmic growth curve chart.
