Bitcoin, which became known for predicting the bottom price of the bear market in 2018 and realizing this forecast, made a dissenting comment by renowned crypto analyst Bluntz, stating he expects a deep downward movement.
Bitcoin’s Retreat to $27,000 Anticipated
Anonymous crypto analyst Bluntz said that the downtrend in the four-hour price chart of BTC is dominant and expects this downward trend to push the price to the lowest level seen recently.
According to Bluntz, the price movement of BTC in the lower time frame indicates that the largest crypto currency is losing momentum and seems ready for an ABC correction that could push the price below $28,000:
BTC has a frightening formation in the four-hour time frame. I am updating my forecast for Bitcoin a bit and now I expect a deeper decline. I previously said I expected a retreat of up to $29,000, but now I expect a retreat towards the $27,000 region.
The scenario the analyst put forward for Bitcoin involves the price retreating to $27,000 and then moving upwards again. In the scenario predicted by Bluntz, after Bitcoin makes the expected retreat, he anticipates overcoming the $31,500 resistance and a rally up to about $33,800.
Bitcoin May Set a “Bear Trap”
Another closely watched crypto analyst, Inmortal, also made a prediction supporting Bluntz’s downward prediction, stating that he expects the largest cryptocurrency to momentarily break the psychologically important $30,000 support before gaining upward momentum.
According to the analyst, BTC will move quickly upwards after setting this bear trap with the break, and will rise towards $32,000.
