There are important names with a large number of followers in the world of Bitcoin and crypto money. These names guide the community with their predictions. One of these names is an analyst using the name Bluntz. Let’s have a look at their opinions
Is June the bottom month for Bitcoin?
Bluntz says market bottoms for Bitcoin (BTC) and Ethereum (ETH) have yet to occur. On the other hand, Bluntz, who addressed 223,000 Twitter followers on Twitter, says that Bitcoin may fall to the level of $ 24,000 in June. In addition, Bluntz’s highlights are as follows:
“Although low price timeframes look good, high price timeframes still look pretty heavy. I can’t say exactly what will happen. However, we are in a time period where a kind of high price is formed for BTC and ETH. At the next stage, I think this indicates a price drop. I will watch for any failure. I will be following the $28,200-28,300 region very carefully.”
By looking at its chart, the analyst shows that Bitcoin’s price action creates a double triple Elliott Wave pattern with waves labeled W, X, and Y in technical analysis. Also, the analyst labels W and X waves. It is plotting the corrective wave Y, which will push BTC below the $24,800 level.
Danger of getting out of control for BTC
A popular crypto analyst states that the price of Bitcoin (BTC) is not “out of control” yet. The analyst, who is also the host of InvestAnswers, addressed his 444,000 subscribers in a new YouTube video. The analyst says that all of Bitcoin’s key metrics have risen, except that the supply of BTC on exchanges has plummeted. The analyst pointed to massive Bitcoin outflows from exchanges. Big-capital investors hoarding the best digital asset is a bullish sign, according to the analyst.
The InvestAnswers server states that the number of long-term holders of Bitcoin is increasing. In this context, according to the analyst, there are currently about 14.5 million Bitcoins in this category.
At the time of this writing, BTC is trading at $26,320.
A similar situation for Ethereum.
According to the analyst, Ethereum is forming a bear flag formation that is likely to continue the downtrend. His view on this point is as follows:
“The bear flag seems extremely likely at the moment. Earlier, I thought we were going to reach higher levels. However, with this sale today, I think the drop came earlier. Things can get ugly fast.”
The analyst had previously warned of a “cheating” jump for ETH, based on the social media hoax he has examined. Their highlights were as follows:
“I spent about 10 minutes browsing my feed. I’d say it’s an extremely low quality timeline right now. Basically 90% useless posts. I cannot prove it to you. But I feel like there is preparation for a deception pump.”
cryptocoin.comLooking at it as a whole, Ethereum is trading at $1,798, down 2.9% in the last 24 hours.
