- A prominent crypto analyst, Bluntz, predicts further downward trends for Bitcoin (BTC) and Ethereum (ETH).
- BTC is expected to hit a low of $24,000 in June, while ETH seems to be forming a bear flag pattern, indicating a continued downtrend.
Predicted Downward Trend for Bitcoin
The renowned crypto analyst known as Bluntz, who has amassed a considerable following on Twitter with over 223,000 followers, suggests that Bitcoin (BTC) and Ethereum (ETH) have not yet reached their market lows. In his view, Bitcoin’s value is projected to further decrease, potentially hitting around $24,000 by June.
“Despite the positive indicators in the short-term, the higher timeframes appear to remain rather unfavorable,”
Bluntz expressed on Twitter. His prediction is based on the looming possibility of a higher timeframe bear flag on both BTC and ETH, implying that he would be keenly observing the $28,200-$28,300 region for signs of downturn.
The strategist’s charts show Bitcoin’s price action following what he identifies as a double three Elliott Wave pattern, an analytical technique employing waves labelled W, X, and Y. In this scenario, the predicted Y corrective wave would send BTC below the $24,800 mark. At the moment of his analysis, Bitcoin was trading at $26,326, showing a 3.2% decline in the last 24 hours.
Ethereum’s Potential Continued Downtrend
Turning his attention to Ethereum, Bluntz suggests that the crypto asset is displaying a bear flag pattern. This pattern typically consists of two declining periods separated by a period of consolidating retracement, often signaling a continued downward trajectory.
“In my opinion, a bear flag appears extremely likely at this point. I initially expected a slight increase, but today’s sell-off suggests an accelerated decline that could rapidly turn ugly,”
the trader noted. His observations are further fueled by what he calls a “scam” pump, which was signaled by the social media chatter he examined.
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“Following a brief review of my social media feed, the quality of posts has noticeably deteriorated. The majority are meaningless posts interspersed with occasional gloom-filled forecasts. This could be an indication that a fraudulent pump is on the horizon.”
At the time of his predictions, Ethereum was trading at 1,798, registering a decrease of 2.9% in the past 24 hours.