The trader who predicted the bottom of the bearish trend for the bitcoin market in 2018 believes the leading cryptocurrency is unlikely to break the $30,000 level in the foreseeable future.
A crypto analyst nicknamed Bluntz told his audience that bitcoin’s rise is probably over. The opinion is based on the fact that the first cryptocurrency went through a five-wave bullish trend on the daily chart.
Bluntz thinks: bitcoin is now in the middle of an ABC correction formation. This could cause BTC to fall to the region of $25 000:
“I think something like this is going to happen to bitcoin and it makes the most sense to me. The last correction lasted 41 days, the current one only lasts 14 days, which I don’t think is enough.
Based on Bluntz’s chart, he expects BTC to rise to $32 000 in the second half of 2023. The growth should take place immediately after BTC drops to $25 000.
As of this writing, bitcoin is trading at $29 218.
Bluntz expressed confidence that ether will also correct, but more quickly than BTC. On April 26, the crypto market recorded a strong volatility of BTC.