Famous cryptocurrency analyst and trader Bluntz warned investors about Bitcoin (BTC) staying below a significant resistance level. The analyst expects a significant drop in BTC price and highlights 3 altcoins that could potentially rise in the event of a rebound.
Warning of Collapse for Bitcoin
Bluntz, an anonymous cryptocurrency analyst closely followed by crypto investors, warned that Bitcoin’s price could experience a sharp decline similar to four years ago when it dropped over 80% from its highest level in 2017. The analyst stated, “I believe that the longer BTC stays below without a rebound, the more likely we will see a sharp drop similar to 2019. Momentum has clearly diminished and it is becoming increasingly difficult to expect a price increase.”
Interestingly, Bluntz suggests that the largest cryptocurrency could experience a rebound before experiencing a sharp decline, stating, “It would not be surprising for us to revisit the last peak at $30,200. It seems more reasonable for Bitcoin to decline from there.”
3 Altcoins Analyst Expects to Rise: VET, HBAR, and GRT
Bluntz also mentioned VeChain (VET) and Hedera (HBAR) as altcoins on his watchlist that could make a significant upward move if a rebound occurs in Bitcoin. The analyst said, “A few altcoins that I thought were dead are starting to look good. VeChain appears to be very close to a breakout, and Hedera looks quite promising with its strong breakout.”
At the time of writing, VeChain’s native asset VET is trading at $0.0172, and Hedera’s native asset HBAR is trading at $0.0619. Furthermore, the analyst spoke positively about The Graph (GRT), a blockchain indexing protocol, stating, “GRT is on the verge of a strong breakout.”
