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Analyst Known for Calling Bottoms Predicts 2019-Style Bounce for Bitcoin (BTC) – But There’s a Big Catch
A crypto strategist who nailed the 2018 Bitcoin (BTC) price floor is predicting a bounce for the crypto king similar to what happened about four years ago.
Pseudonymous analyst Bluntz tells his 223,000 Twitter followers that Bitcoin appears to be gearing up for a rally toward $29,000.
According to the top trader, Bitcoin’s current market structure looks similar to its price action in the second half of 2019 when BTC surged from around $8,000 to $12,000 in less than a month.
“I’m actually also open to the idea of BTC bouncing a little bit higher than the top of the channel, similar to 2019. (It) would probably give alts a fair bit of room to have decent bounces as well as some are looking set to do.”
Isi Iyi: Bluntz/TwitterAlthough Bluntz sees a Bitcoin bounce in the short term, he kwenyere the rally will be short-lived and that BTC will eventually resume its downtrend en route to the low $20,000 price level.
“Personally I was thinking around $20,000 – $21,000 max but also long for now. I’ll be waiting to see how price action unfolds on this bounce. Always try to keep an open mind.”
N'oge a na-ede ihe, Bitcoin na-akwụ ụgwọ 27,115 US dollar.
The crypto trader is also keeping an eye on the smart contract protocol Avalanche (AVAX). According to the analyst, AVAX appears poised for a bounce as well.
“Beautiful setup on AVAX here: swept a major low then immediately makes a nice engulfing on daily.
Not sure how high this ends up bouncing but definitely worth playing for now, in my opinion.”
Isi Iyi: Bluntz/TwitterAt time of writing, AVAX is trading for $14.76.
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