Analyst Who Predicted Bitcoin Bottom of 2018 Is Bearish

Pseudonymous analyst Bluntz, who predicted Bitcoin’s bottom in 2018, warns of new price drops for the digital currency. According to him, there is a “good chance” that Bitcoin will fall below last week’s five-month low of $53,485.

More declines to come?

According to Bluntz, the price action we’re currently seeing for Bitcoin isn’t entirely reassuring. Sure, Thursday’s inflation report was good news for those hoping for quick rate cuts, but the risk asset market still took a hit.

Bitcoin jumped up briefly, but then fell back again and the American Nasdaq also had a hard time. It seems that investors are opting for safety and therefore prefer assets such as gold and American government bonds.

Bluntz, however, bases himself mainly on the Elliott Wave theory from technical analysis. This states that an asset often corrects in three waves, of which we have already seen the first two. The third wave should send Bitcoin towards the level of 52,000 dollars; he seems to suggest in his chart.

Ook bearish over Ethereum

Bluntz is also not very positive about Ethereum at the moment. He expects Ethereum to fall below the support at $2,800, after five months of being important for the smart contract platform.

After that, he expects a recovery based on his chart, but he is also somewhat less bullish about ETFs than the average analyst.

“Everyone is talking about it and everyone expects it to be mega-bullish for Ethereum. So what I think is that the price will first take a hit, and then it will continue to rise,” the pseudonymous analyst said.

We’ll see, because for now there’s no talk of an Ethereum ETF. When exactly they’ll come is not entirely clear yet and maybe that’s for the best. In terms of timing, it would of course be a lot better for the market if they came at a more favorable time.

Now the question remains how many people are interested in buying Ethereum ETFs, while prices are developing so disappointingly.

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