Renowned cryptocurrency expert Bluntz recently provided insights into the future of Bitcoin (BTC) and forecasted a significant shift before the leading cryptocurrency reaches new all-time highs. Additionally, Bluntz issued a cautionary note regarding dogwifhat (WIF), an altcoin that has been making waves with its notable surge this year.
Anticipating a “drop” that could propel Bitcoin above the $80,000 mark, Bluntz, who commands a sizable audience on the social media platform X, pointed out that Bitcoin is currently shaping a bullish flag pattern on a three-day timeframe. This pattern indicates a robust upward movement following a period of consolidation. For the latest financial and business news, visit COINTURK FINANCE.
Bluntz speculated that Bitcoin might experience one final correction, potentially falling to around $60,000. He believes that this downturn will pave the way for a subsequent rally that could drive BTC past the $80,000 threshold. Given the prevailing market conditions, he foresees a period of consolidation on a high timeframe for BTC.
On the flip side, Bluntz expressed apprehension about how Bitcoin’s potential pullback could impact altcoins. He highlighted that while Bitcoin has remained resilient with minimal movements, altcoins have already incurred significant losses. He emphasized that a 12% decline in Bitcoin to $62,500 could prove detrimental for numerous altcoins.
Drawing on his chart analysis, the analyst painted a bullish picture for Bitcoin in the long run. He projected that Bitcoin could reach $87,500 by year-end. Presently, Bitcoin is trading at $67,480, marking a decline of over 3% in the past 24 hours.
Discussing the negative outlook for Dogwifhat (WIF), Bluntz disclosed his meticulous monitoring of the performance of WIF, the primary asset of the popular altcoin dogwifhat. He foresaw a substantial price decrease for WIF.
Based on the Elliott Wave theory, which posits that assets in an upward trend go through an ABC correction following a five-wave rally, Bluntz predicted that WIF could plummet to $1. According to his analysis, WIF has completed its five-wave surge and approached $5. The subsequent correction phase appears to be unfolding, with WIF currently trading at $2.54. The analyst’s price chart indicates that WIF might continue its downward trajectory and potentially hit a low of $1.068 to complete the ABC correction.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be mindful of the high volatility and associated risks of cryptocurrencies and conduct their own due diligence.
