An esteemed analyst, known as Bluntz, who called the 2018 Bitcoin (BTC) bottom, has recently shared his optimistic outlook on stocks within the cryptocurrency industry.
In a Twitter update, Bluntz, followed by over 223,900 users, suggested that the stocks of prominent crypto players like Coinbase (COIN), MicroStrategy (MSTR), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT) appear ripe for a potential bullish reversal following recent corrective declines.
Bluntz expressed his enthusiasm for significant opportunities within the crypto sector, citing notable price retracements averaging between 13% and 20% for these four major crypto-proxy stocks.
The analyst believes that the current price levels present favorable entry points and suggests that upward reversals are likely to occur. However, the analyst speculates whether these stocks will independently lead the crypto market or if they will simply follow its direction.
“Nice 13%-20% dips on all the major crypto proxy stonks… I think this is a good spot to expect reversals to the upside on all four of the major ones I’m tracking. Now whether they are running their own race or leading crypto is yet to be seen.”
Turning his attention to Bitcoin, Bluntz asserts that a potential market recovery could propel the leading digital currency to surpass its 2023 high. He urged traders to closely monitor Bitcoin’s performance and emphasized that a decisive breakthrough above the crucial $29,700 mark will serve as a strong buy signal for him, indicating bullish sentiment.
The analyst said this can potentially drive the price toward new highs above $32,000.
“finally swept the range lows, we also didn’t cascade liq too low either which is a good sign, any 4 close back into the range above 29.7 will be a long for me to new highs above 32k.”
As of the time of writing, Bitcoin is currently trading at $29,261, tantalizingly close to the critical threshold identified by Bluntz.
In addition to his Bitcoin analysis, Bluntz expresses his intention to accumulate the altcoin Solana (SOL) in light of BTC’s recent price action.
Observing SOL’s value at $23.29, near his predetermined downside target, the analyst expresses caution and plans to re-enter the market when Bitcoin finally sweeps the $29,500 level. This decision indicates his belief in an even more favorable entry position at a later time.
“I can’t continue to hold SOL here with this PA, will be looking to re-enter later, probs won’t be until at least after BTC finally sweeps 29,500.”
Please note that cryptocurrency markets are highly volatile and subject to rapid price fluctuations. Analyst opinions should be considered alongside personal research and risk tolerance.
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