• A trader who accurately predicted Bitcoin’s 2018 bear market bottom is forecasting a price floor for the entire crypto market.
• The analyst is using Elliott Wave Theory to predict that the total market cap of all crypto could plummet to $880 billion.
• The trader suggests that this could be the last good buying opportunity for the next few years.
Trader Predicts Crypto Bear Market Bottom
A pseudonymous trader and analyst known as Bluntz is forecasting a bear market bottom for the entire cryptocurrency market. Bluntz, who famously called Bitcoin’s (BTC) 2018 bear market bottom, believes that the Total Market Cap of all crypto assets will lose around 15% of its value before witnessing a significant bounce. He is basing his prediction on an Elliott Wave model, which suggests that a corrective wave from recent highs is 70-80% complete. With this in mind, Bluntz believes that June’s lows could still need to be swept before calling bottoms – suggesting this may be the last good buying opportunity in the coming years.
Bluntz is an experienced and well-respected trader with over 225,000 followers on social media platform X. He has made numerous accurate predictions in past cycles and often uses Elliott Wave theory when making forecasts about future prices movements.
What Is Elliott Wave Theory?
Elliott Wave Theory is an advanced technical analysis approach used by traders to predict future price action based on crowd psychology which tends to manifest itself in waves or cycles. It takes into account both psychological factors such as greed and fear, as well as fundamental factors such as supply and demand levels of different markets or assets.
Total Market Cap Chart
When looking at Total Market Cap charts rather than ETH or BTC individually, Bluntz believes it paints a clearer picture about where prices are going next for cryptocurrencies overall. He suggests that if his prediction holds true then June’s lows could be the last good buying opportunity for some time due to how far down prices may drop beforehand – potentially reaching $880 billion Total Market Cap level from current levels at $1.032 trillion at time of writing..
While no one can know with certainty what will happen next with cryptocurrency prices, traders should keep an eye out for potential opportunities like those suggested by Bluntz – especially if they believe his predictions have merit given his past success rate in calling tops and bottoms for different markets successfully over multiple cycles