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Friday, June 21, 2024

Analyst Foresees Bitcoin Rebound Before Decline: Timeline Revealed

Bluntz, a pseudonymous crypto analyst renowned for accurately predicting the 2018 Bitcoin (BTC) price bottom, is now forecasting a potential bounce for the flagship cryptocurrency reminiscent of a previous market scenario.

In a recent tweet, Bluntz suggests that Bitcoin, the largest cryptocurrency by market capitalization, seems to be gaining momentum for an upward rally toward the $29,000 mark.

Notably, this prediction was shared when Bitcoin was still trading at around $27,000. It is worth noting that the analyst draws attention to Bitcoin’s current market structure, which bears similarities to its price action in the second half of 2019.

During that period, Bitcoin experienced a significant surge, jumping from approximately $8,000 to $12,000 in less than a month. Bluntz’s observation highlights the potential for a similar price surge in the present market conditions.

Captioning an illustrative chart, Bluntz wrote, “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.” 


Fresh Decline toward $20,000

According to Bluntz, a noted analyst, he anticipates a short-term bounce for Bitcoin. However, he believes this rally will be short-lived, and BTC will ultimately resume its downtrend, potentially reaching the low $20,000 price level.

Bluntz expressed his personal thoughts, stating a maximum target of $20,000 to $21,000, but remains open-minded and will monitor the price action during this bounce. As of now, BTC is trading at $28,167, reflecting a 4% price increase in the last 24 hours and a 5.69% rise over the past seven days, as reported by CoinMarketCap.

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