Analyst Issues Bitcoin and Ethereum Alerts, Warns of Another Plunge Despite Green Markets – Here Are His Targets

A widely followed crypto trader is skeptical of the recent crypto bounce that saw Bitcoin (BTC) and Ethereum (ETH) climb by over 5% each.

Pseudonymous analyst Bluntz tells his 224,500 followers on the social media platform X that the two largest crypto assets by market cap have more downside potential.

“I’m still not 100% sold on this move up being a low on BTC or ETH.

I still think one more leg down needs to happen to complete a (5th) wave of C for BTC and ETH before I’ll be happy to call [the] bottoms.”

Bluntz applies the Elliott Wave theory in his technical analysis. Based on a chart depicting his forecast of Ethereum going forward, he appears to suggest that ETH is on the verge of completing a five-wave pattern (marked 1, 2, 3, 4, 5) to a price of $1,450.

On Bluntz’s chart, the five-wave pattern is nested within a bigger three-wave pattern (identified as A, B, C), which is also on a downward trend.

Source: Rekt Capital/X

On what could invalidate his bearish forecasts for both Bitcoin and Ethereum, Bluntz says

“Invalidation of this thesis is if we break $1,804 for ETH or $28,770 for BTC as wave 4 can’t go within wave 1 territory.”

Bitcoin is trading at $27,385 at time of writing while Ethereum is changing hands at $1,719.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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