Bluntz, a pseudonymous crypto analyst who accurately predicted the 2018 Bitcoin (BTC) price bottom, is forecasting a bounce for the flagship crypto similar to what played out about four years ago.
According to the analyst in a recent tweet, Bitcoin (BTC), the largest cryptocurrency by market cap appears to be gathering strength for a rally toward $29,000.
It’s worth noting that Bitcoin was still trading at around $27,000 when he shared this price prediction.
According to the top trader, Bitcoin’s current market structure looks similar to its price action in the second half of 2019 when BTC surged from around $8,000 to $12,000 in less than a month.
Captioning an illustrative chart, Bluntz wrote, “I’m actually also open to the idea of BTC bouncing a little bit higher than the top of the channel, similar to 2019. (It) would probably give alts a fair bit of room to have decent bounces as well as some are looking set to do.”
im actually also open to the idea of #btc bouncing a little bit higher than the top of the channel, similar to 2019, would probably give alts a fair bit of room to have decent bounces aswell as some are looking set to do pic.twitter.com/Rod7lgFj6t
— Bluntz (@Bluntz_Capital) May 26, 2023
Fresh Decline toward $20,000
Although Bluntz sees a Bitcoin bounce in the short term, he believes the rally will be short-lived and that BTC will eventually resume its downtrend en route to the low $20,000 price level.
“Personally I was thinking around $20,000 – $21,000 max but also long for now. I’ll be waiting to see how price action unfolds on this bounce. Always try to keep an open mind.”
At the time of writing, BTC is trading at $28,167, with a relatively 4% price upsurge in the last 24 hours and 5.69% in the seven days, according to CoinMarketCap.