Bluntz, a well-known cryptocurrency analyst and trader who gained recognition for accurately predicting when and at what price level Bitcoin (BTC) would hit rock bottom during the bear market in 2018, believes that the largest cryptocurrency has officially entered the bull zone. The analyst stated that several altcoins, especially Avalanche (AVAX), have also shown signs of an upward trend.
“Bitcoin Breaks the Downtrend”
Anonymous cryptocurrency analyst Bluntz stated that Bitcoin’s recent rally contradicted his prediction that it would drop below $24,000 before breaking the downtrend. According to Bluntz, Bitcoin’s rise above $27,000 indicates that the leading cryptocurrency is now in a bull market:
Bitcoin has invalidated this triangle formation by starting an upward trend. It is time to break free from any downward pressure and start rising.
Avalanche (AVAX) and Other Altcoins to Watch
Bluntz is closely monitoring Avalanche (AVAX), which is considered the strongest competitor to Ethereum (ETH). According to the analyst, AVAX may be in a position to ignite strong rallies after forming a bearish market structure and losing more than 50% of its value throughout the year:
AVAX is showing strength on the weekly timeframe. It has swept a significant support level and has now formed a bullish engulfing candle on the weekly timeframe. I believe AVAX will now rise significantly.
At the time of writing, AVAX, which is on the analyst’s radar, is trading at $9.37, down 3.98% in the last 24 hours.
The analyst also highlighted that many altcoins, including AVAX, have formed bullish engulfing candles last week. A bullish engulfing candle is considered a significant bullish signal as it indicates investors’ readiness to reverse a downtrend and enter an uptrend. Bluntz said, “Some strong bullish candles forming in the market are looking promising so far.”
