A popular crypto analyst, known online as Bluntz, believes the cryptocurrency market might be close to its peak. Bluntz, who boasts over 300,000 followers on X (formerly Twitter), shared his bearish outlook.
Bluntz’s Bearish Prediction
Bluntz argues that many people are underestimating how close the market is to topping out. He uses the Elliott Wave theory to support his analysis, suggesting Bitcoin (BTC) has almost completed a five-wave bullish rally that began months ago. According to this theory, a five-wave pattern indicates a main price trend, followed by a three-wave correction. Bluntz claims that all the waves within this bull run, including sub-waves, are accounted for.
What’s Next for Bitcoin?
While acknowledging that further price increases are possible, Bluntz advises caution. He suggests that completely cashing out might lead to fear of missing out (FOMO) when the market shows signs of strength again. His recommendation? Taking some profits off the table would be a smart move.
At the time of writing, Bitcoin is trading around $105,310.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always conduct your own thorough research before making any investment decisions.
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