Top Analyst Predicts One More Leg Down for Altcoins Before Fresh Rallies, Updates Forecast on Bitcoin
A crypto strategist identified for calling bottoms believes the altcoin market is one correction away from igniting rallies.
Pseudonymous analyst Bluntz tells his 269,600 followers on the social media platform X that he’s protecting an eye fixed on the TOTAL3 chart, which tracks the overall market cap of crypto excluding Bitcoin, Ethereum (ETH) and stablecoins.
Bluntz says TOTAL3, which is used to gauge the efficiency of altcoins, appears to be like poised for a leg down earlier than it regains bullish momentum.
“Though TOTAL3 structurally appears to be like superb, very clear five-wave rise from the lows on the four-hour [chart].
I nonetheless suppose an ABC correcting that impulse from the lows is materializing and has but to do a C wave down.
I’d watch out being max lengthy proper now, good entries will come…”
The analyst practices the Elliott Wave concept, which states {that a} bullish asset tends to witness rallies after finishing an ABC transfer down. Primarily based on the dealer’s chart, he appears to foretell that TOTAL3 will drop to $530 billion for the C wave earlier than rallying to $620 billion.
At time of writing, TOTAL3 is buying and selling for $576.212 billion.
Taking a look at Bitcoin, the dealer thinks that BTC can be due for a C-wave correction towards the $55,00 degree previous to a rally near $65,000.
“Respectable transfer up on BTC from these lows on Friday. Nonetheless, I believe we’d come off a bit extra and do one other leg decrease round $55,000.
Basing this thought round TOTAL3 which appears to be like fairly clear, in my view.”
At time of writing, Bitcoin is price $60,593, up 3.31% on the day.
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