Crypto Market Analysis: Is This End Of the Bear Market? Here’s What Next For Bitcoin Price
The post Crypto Market Analysis: Is This End Of the Bear Market? Here’s What Next For Bitcoin Price appeared first on Coinpedia Fintech News
A seasoned trader renowned for accurately predicting the bottom of the 2018 bear market for Bitcoin (BTC) now believes that the leading cryptocurrency, bitcoin, has transformed into a bull market.
Bitcoin Price Prediction After Recent Rally
A prominent trader named Bluntz has recently posted on X that Bitcoin’s recent rally has altered the course of the future price trajectory for Bitcoin.
Meanwhile, the recent price surge can be attributed to the recent SEC approval of the Valkyrie fund. Consequently, Bitcoin’s price has surged from $27,100 to its current value of $28,250, marking an impressive 8% gain within a week.
Bluntz has stated that the recent increase in Bitcoin’s price has changed his prediction. Previously, he had forecasted that the Bitcoin price would drop to $24,430 before reaching the target price of $30,000. He based his prediction on the Elliott Wave theory.
But now, he says that Bitcoin going above $27,000 is a sign that things are looking up.
He said, “Bitcoin’s doing better, and that old idea of going down is no longer valid. It’s time to stop thinking negatively.”
AVAX’s Potential to Shine Amid Tough Times
Bluntz also monitors another cryptocurrency called Avalanche, or AVAX for short. It’s kind of like a competitor to Ethereum. Bluntz thinks AVAX might start doing well soon because it’s been through a tough time this year, losing over half its value.
He said, “AVAX is looking good on the weekly chart, and it’s been through a tough year. I think it might start going up by quite a bit.”
