- Bitcoin has been struggling to maintain momentum and stay above $28,000 in recent weeks.
- Analyst Bluntz, who accurately predicted the 2018 bear market bottom for Bitcoin, believes that $15,000 is the lowest Bitcoin will ever go.
- However, Buntz believes a drop to $19,000 is not impossible before the next bull market.
- Bluntz believes that Bitcoin is currently in a corrective Elliott wave C, which could potentially take the cryptocurrency down to $19,000.
- However, once wave C is complete, Bitcoin will enter a (12345) wave that takes it into the new cycle.
Bitcoin’s price action has been shaky over the last few days, particularly with the ongoing conflict in the Middle East, and how cryptos and several other tradeable digital assets have taken nosedives.
Is Bitcoin about to take one of the biggest plunges of the year? Are the bulls walking into a massive trap? How low can BTC go this year?
Pseudonymous crypto analyst Bluntz on Twitter, may have a few ideas.
Bitcoin Could Go Straight to $19,000, Analyst Says
According to a recent tweet from analyst, Bluntz on Twitter this week, investors should not let their guard down.
In detail, this analyst is warning that Bitcoin (BTC) may kiss the $19,000 zone again this year before the next bull market has a chance to save the bulls.
There’s some good news though.
For the unaware, Bluntz became famous on Twitter after accurately predicting the 2018 bear market bottom for BTC.
And now, he is doing the same. The analyst says that this year’s $15,000 cycle bottom is the lowest Bitcoin will ever go.
This is good, because we may never see BTC go back to $15,000. However, the bad news is that the analyst mentioned that a serious drop to $19,000 isn’t impossible on BTC, before the next bull run.
“Personally, I feel that BTC has probably bottomed at $15,000”, the analyst says. “However, we can still easily come down to $19,000-$20,000 and put in a higher low and continue higher throughout 2024”.
This is especially frightening because BTC has been struggling to maintain momentum and stay above $28,000 in recent weeks.
According to the attached snapshot on the analyst’s tweet, the Elliott Wave theory is a good way to determine the long-term price action of assets.
In detail, the Elliott wave theory is a technical analysis approach that attempts to an asset’s price action using crowd psychology.
Each Elliott wave cycle consists of eight waves, five (1, 2, 3, 4, and 5) are bullish and three (A, B, and C) are bearish.
For example, if a trader sees that the market is in wave 5 of a bullish cycle, they can expect a bearish (ABC) wave to follow.
The same happens if a trader sees that the market is in wave 3 of a bearish cycle, they may expect the price to move up in five waves (12345).
Bluntz believes that BTC is currently in a corrective wave C, which could potentially take the cryptocurrency down to $19,000.
However, the good news is that once wave C is complete, Bitcoin will enter a (12345) wave that takes it into the new cycle.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.