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Bitcoin and Ethereum Set for Correction Phase Before Bull Run Fueled by Grayscale BTC ETF, According to Analyst

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  • Influential crypto analyst Bluntz warns that despite recent upticks, Bitcoin (BTC) and Ethereum (ETH) may still experience another downturn based on Elliott Wave theory.
  • For his thesis to be invalidated, Ethereum would need to break $1,804 and Bitcoin $28,770, as these thresholds mark the boundaries beyond which the anticipated Elliott Waves would be disrupted.

Understanding Elliott Wave Patterns: A Cautionary Perspective

In a crypto market where optimism seems to be resurging, renowned analyst Bluntz offers a note of caution. Through incisive technical analysis that employs Elliott Wave theory, Bluntz informed his 224,500 followers on social media that the recent bullish activity around Bitcoin (BTC) and Ethereum (ETH) could very well be a false dawn.

The Anatomy of Elliott Waves in Crypto Forecasting

Elliott Wave theory is a well-regarded tool in technical analysis that employs crowd psychology to map out potential future market trends. It constructs ‘waves’—a series of price patterns and trends that operate in repetitive cycles. In Bluntz’s interpretation, both Bitcoin and Ethereum are nearing the completion of their respective ‘fifth waves,’ which, within Elliott Wave parlance, typically signifies a potential downturn.

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According to his charts, Ethereum may be heading toward a bearish zone with a target price of $1,450. This five-wave pattern on his charts is encapsulated within a broader three-wave pattern (labeled A, B, C), which is also in a descending trajectory. For Bitcoin, while specific target numbers were not given, the implication is clear: the asset might also be on the brink of a ‘fifth wave,’ spelling potential trouble for those anticipating a straightforward bull run.

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Critical to the credibility of his thesis are specific price points that serve as counter-indicators. If Ethereum’s price breaks above $1,804 and Bitcoin crosses the $28,770 mark, these would act as thresholds that disrupt the expected wave patterns. Crossing these lines would thus invalidate his bearish outlook, rendering a continuation of the bullish trend more likely. At the time of writing, Bitcoin and Ethereum are trading at $27,385 and $1,719, respectively, positioning them perilously close to these critical junctures.

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Although recent market activities have reflected a more than 5% increase in the value of both Bitcoin and Ethereum, Bluntz suggests that traders and investors should tread carefully. It’s not uncommon in the realm of financial markets for what appears to be the initiation of a bullish phase to be, in reality, the precursor to another downturn. With the substantial stakes involved in cryptocurrency investments, market participants would be wise to consider all analytical perspectives, including those that offer a less-than-rosy outlook.

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Collin Brown
Collin Brown
Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.
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