A crypto strategist who nailed the 2018 Bitcoin (BTC) price floor is predicting a bounce for the crypto king similar to what happened about four years ago.
Pseudonymous analyst Bluntz tells his 223,000 Twitter followers that Bitcoin appears to be gearing up for a rally toward $29,000.
According to the top trader, Bitcoin’s current market structure looks similar to its price action in the second half of 2019 when BTC surged from around $8,000 to $12,000 in less than a month.
“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.”
Although Bluntz sees a Bitcoin bounce in the short term, he believes the rally will be short-lived and that BTC will eventually resume its downtrend en route to the low $20,000 price level.
“Personally I was thinking around $20,000 – $21,000 max but also long for now. I’ll be waiting to see how price action unfolds on this bounce. Always try to keep an open mind.”
At time of writing, Bitcoin is trading for $27,115.
The crypto trader is also keeping an eye on the smart contract protocol Avalanche (AVAX). According to the analyst, AVAX appears poised for a bounce as well.
“Beautiful setup on AVAX here: swept a major low then immediately makes a nice engulfing on daily.
Not sure how high this ends up bouncing but definitely worth playing for now, in my opinion.”
At time of writing, AVAX is trading for $14.76.
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Source: https://dailyhodl.com/2023/05/28/analyst-known-for-calling-bottoms-predicts-2019-style-bounce-for-bitcoin-btc-but-theres-a-big-catch/