Top Crypto Analyst Forecasts Final Dip for Altcoins Before New Bullish Trends, Updates Bitcoin Predictions
A prominent crypto strategist, recognized for accurately predicting market bottoms, suggests that the altcoin sector is on the verge of one last correction before potential rallies begin.
The pseudonymous analyst known as Bluntz recently shared insights with his 269,600 followers on the social media platform X, focusing on the TOTAL3 chart, which represents the total market capitalization of cryptocurrencies, excluding Bitcoin, Ethereum (ETH), and stablecoins.
Bluntz indicates that the TOTAL3 chart, a key indicator for altcoin performance, appears to be set for a downward movement before regaining its bullish momentum. He states, "While TOTAL3 shows a strong structural pattern with a clear five-wave rise from the lows on the four-hour chart, I believe an ABC correction of that impulse is forming, and we have yet to see the C wave down. I advise caution for those considering maximum long positions right now; better entry points will present themselves soon."
Utilizing the Elliott Wave theory, which posits that bullish assets typically experience rallies following an ABC correction, Bluntz predicts that TOTAL3 may decline to approximately $530 billion during the C wave before rallying to around $620 billion. As of now, TOTAL3 is trading at approximately $576.212 billion.
In terms of Bitcoin, Bluntz anticipates a similar C-wave correction, projecting BTC could dip to around $55,000 before potentially rallying near $65,000. He notes, "Bitcoin has seen a decent upward movement from the lows recorded on Friday. However, I suspect we may see another dip towards $55,000. This assessment is based on the clarity I see in the TOTAL3 chart."
Currently, Bitcoin is valued at $60,593, reflecting a 3.31% increase for the day.
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