A prominent trader, known as Bluntz, who accurately predicted the bottom of the 2018 bear market for Bitcoin (BTC), now believes that the crypto king has entered a bull market. Bluntz, with a following of 225,000 on the social media platform X, had previously held a bearish view that BTC could drop below $24,000 before reversing its downtrend. However, Bitcoin’s recent rally above $27,000 has invalidated this bearish perspective, according to Bluntz.
Bluntz shared his updated view on Twitter, stating, “BTC breaking higher, invalidating this triangle structure. I think it’s time to get rid of any [bearish] bias.” This tweet was accompanied by a chart showing the breakout in Bitcoin’s price. As of now, Bitcoin is trading at around $27,487.
In addition to Bitcoin, Bluntz is also paying close attention to the cryptocurrency Ethereum (ETH) and its rival Avalanche (AVAX). Bluntz believes that AVAX may be poised for a significant rally after forming a bullish market structure and experiencing a decline of over 50% in value this year. He shared another chart on Twitter, stating, “Beautiful AVAX weekly forming, swept a major low, and now putting in a weekly engulfing, not to mention it has been absolutely decimated this year. I think this can move significantly higher.” At the time of writing, AVAX is worth $9.31.
Furthermore, Bluntz pointed out that several other cryptocurrencies have printed a bullish engulfing candle last week. A bullish engulfing candle is considered a potential signal that an asset is preparing to reverse its downtrend. Bluntz remarked on Twitter, “Some solid weekly engulfings forming across the board, looking very promising so far…”
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It is worth noting that Bluntz’s analysis and predictions should not be taken as investment advice. Investors should conduct their own research and due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets.
The recent developments in the cryptocurrency market have led to renewed optimism among investors, as Bitcoin’s rally and the potential for other cryptocurrencies to follow suit have ignited speculation about the beginning of a new bull market. However, it is essential for investors to remain cautious and consider the inherent volatility and risks associated with the cryptocurrency market.
As the cryptocurrency market continues to evolve and garner mainstream attention, traders and investors alike will closely monitor the price movements and technical indicators to make informed decisions. In the rapidly changing landscape of the cryptocurrency market, accurate predictions and analysis can play a crucial role in guiding investment strategies.
In conclusion, Bluntz, a trader who accurately predicted the bottom of the 2018 bear market for Bitcoin, believes that the crypto king has entered a bull market based on recent price movements. He also highlights the potential for other cryptocurrencies, such as Avalanche, to experience significant rallies. However, investors should exercise caution and conduct thorough research before making any investment decisions in the volatile cryptocurrency market.
