- Cryptocurrency analyst Bluntz predicts a roughly 18% drop in the TOTAL chart of the crypto market.
- The analyst’s forecast points to a drop in the TOTAL chart from over $1 trillion to $880 billion.
- Bluntz’s prediction is based on the Elliott Wave theory, and the analyst believes the drop is 70-80% complete.
Bluntz, a well-known anonymous cryptocurrency analyst, has made a prediction about where and how the overall cryptocurrency market could bottom out in this cycle.
Final Buying Opportunity in Bitcoin and Altcoins
Bluntz, the anonymous cryptocurrency analyst, highlighted the total market value (TOTAL) chart while evaluating the outlook of the cryptocurrency market. The analyst stated that he expects the TOTAL chart’s value to lose about 15% before cryptocurrencies make a significant jump. Bluntz’s TOTAL chart shows that he expects the total market value of all cryptocurrencies to drop to around $880 billion. At the time of writing, TOTAL is at $1.032 trillion, indicating that the analyst expects a 12% drop.
Market-Wide Drop May Be 70-80% Complete
Bluntz’s prediction is based on the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price movements by following crowd psychology, which tends to manifest in waves. In this context, the analyst noted that he expects the price to recover after a sharp drop. According to a simple Elliott Wave model, the analyst sees the rise from low levels as a driving movement and our drop from peak levels is approximately 70-80% complete.
Impact on the Market: Neutral
Despite the predicted drop, the overall impact on the market is expected to be neutral. This is because the drop is seen as a correction before a significant jump in the value of cryptocurrencies. Therefore, the next few months could present the last good buying opportunity for investors in Bitcoin and other cryptocurrencies.
Conclusion
In conclusion, while the cryptocurrency market may experience a drop in the short term, this could present a buying opportunity for investors. The market is expected to recover and make a significant jump after this correction. As always, investors are advised to do their own research and consider their risk tolerance before making investment decisions.
