Renowned cryptocurrency analyst, Bluntz, recently shared his insights on the future of Bitcoin (BTC) and forecasted a significant shift before the leading cryptocurrency hits new all-time highs. Additionally, he issued a cautionary warning regarding dogwifhat (WIF), an altcoin that has been making waves with its surge this year.
Bluntz, a prominent figure on the social media platform X, indicated that Bitcoin is currently in the process of forming a bullish flag pattern on a three-day timeframe, suggesting a robust upward trend following a period of consolidation. For the latest updates on financial and business news, visit COINTURK FINANCE.
In his analysis, Bluntz projected that Bitcoin could potentially experience one final correction, potentially dropping to around 60,000 dollars. He anticipates that this drop will pave the way for a subsequent rally, propelling BTC above the 80,000 dollar mark. Given the prevailing market conditions, he foresees a period of consolidation for BTC on higher timeframes.
Conversely, Bluntz expressed concerns about the potential impact of Bitcoin’s pullback on altcoins, noting that while Bitcoin has displayed resistance with minimal movement, many altcoins have already incurred significant losses. He underscored that a 12% decline in Bitcoin to 62,500 dollars could be detrimental for numerous altcoins.
Based on the analyst’s chart analysis, a bullish long-term outlook for Bitcoin is indicated, with a projection that Bitcoin will approach 87,500 dollars by year-end. Presently, Bitcoin is trading at 67,480 dollars, reflecting a decline of over 3% in the past 24 hours.
Turning attention to dogwifhat (WIF), the mainnet asset of the popular altcoin dogwifhat, Bluntz disclosed that he is closely monitoring its performance and has foreseen a significant price drop for WIF.
According to Bluntz’s analysis, there is a high likelihood that WIF will drop to 1 dollar. This forecast is grounded in the Elliott Wave theory, which posits that assets undergoing an upward trend experience an ABC correction subsequent to a five-wave rally.
Applying this theory to WIF, Bluntz believes that the altcoin has completed its five-wave surge and has reached approximately 5 dollars. The ensuing correction phase appears to be ongoing, with WIF presently trading at 2.54 dollars. The price chart shared by the analyst suggests that WIF will continue its downward trajectory and potentially reach a low point around 1.068 dollars to finalize the ABC correction.
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Disclaimer: The information provided in this article is not intended as investment advice. Investors should be mindful of the high volatility and associated risks of cryptocurrencies and are encouraged to conduct their own research.
