Market analysts who have accurately predicted previous significant movements often capture attention. While past achievements do not guarantee future gains, the insights of these experts should not be dismissed. So, what are the latest cryptocurrency predictions from the analyst who correctly anticipated the 2018 low?
Insights from the Analyst
Historically, market cycles often repeat, holding true for Bitcoin (BTC) as well. Over the years, four-year cycles have benefited investors. After the major collapse of FTX, many experts declared the end of crypto, but some argued it was a familiar scenario.
Those who proclaimed the death of crypto during the 2022 downturn have now set new short- and medium-term targets. Their previous pessimistic forecasts misled investors, but today they are barely remembered. The analyst Bluntz, who correctly predicted the 2018 bottom, had foreseen the subsequent rise.
Future Projections for 2024
In his recent analysis, Bluntz discussed BTC’s four-hour chart, suggesting that the cryptocurrency might have bottomed out following the US market correction. Bluntz’s prediction centers on a three-wave correction, a concept rooted in Elliot Wave Theory. He expects to see higher lows, indicating market confidence.
Bluntz stated, “BTC has experienced a clear three-wave decline so far, and I think this will be a higher low. It’s time to bid on your favorite coins.” His chart predicts a rise to $68,000. Currently, BTC trades at $59,100, marking a 1% increase. Bluntz also notes a bullish pattern for Ethereum (ETH), the largest altcoin, anticipating a breakout.
“I believe ETH is preparing to break out from here,” he added. Should market risk appetite increase in the year’s final quarter, ETH could potentially reach a new all-time high, driven by strong demand from the ETH ETF channel.
Key Takeaways
– Bluntz’s predictions focus on Bitcoin and Ethereum.
– Current BTC target is set at $68,000.
– ETH is expected to break out soon.
– Market conditions in the last quarter of the year are crucial for ETH’s potential new highs.
The upcoming months will reveal if these predictions hold true, offering a promising outlook for crypto enthusiasts.