In the fast-paced world of cryptocurrencies, the well-regarded strategist Bluntz has issued a cautionary note to his followers, suggesting that the altcoin market may need to undergo another correction before initiating a fresh rally.
What Does Bluntz Say About TOTAL3?
Bluntz communicated his concerns via X, specifically highlighting the TOTAL3 chart, which monitors the market value of all cryptocurrencies excluding Bitcoin (BTC), Ethereum (ETH), and stablecoins. He suggested that a near-term rise could precede a notable decline, predicting a subsequent recovery in market momentum.
He elaborated by stating that while TOTAL3 shows a structured five-wave rise on the four-hour chart, the ABC correction pattern remains incomplete. He warned that the C wave is likely to move downward, advising caution and suggesting that better entry opportunities may emerge soon.
Why Bitcoin Might Also Decline?
Bluntz extended his analysis to Bitcoin (BTC), forecasting a potential decline to $55,000 before a rally to $65,000. He linked this prediction to the TOTAL3 chart’s trends, emphasizing the likelihood of further downward movement before Bitcoin gains upward momentum.
Currently, Bitcoin is trading at approximately $60,800, having seen a 3.31% increase today.
Key Takeaways for Investors
Investors Should Note:
- Potential for altcoin market correction before a new rally.
- Risky to be fully long in altcoins at this moment.
- Bitcoin may drop to around $55,000 before increasing to $65,000.
- Watch TOTAL3 and Elliott Wave patterns for better entry points.
Based on these evaluations, investors may find upcoming market conditions ripe for strategic positioning. By closely following TOTAL3 indicators and Elliott Wave theory, they can better navigate potential short-term fluctuations and identify advantageous entry points.