Crypto trader Bluntz, who has a large following on social media platform X, is not convinced that the recent bounce in Bitcoin and Ethereum is sustainable. He believes that both assets have more potential downside and that a further drop is needed before he will consider them to have hit bottom.

Bluntz uses Elliott Wave theory in his technical analysis and suggests that ETH is close to completing a five-wave pattern to a price of $1,450. However, he warns that his bearish forecast for both BTC and ETH could be invalidated if certain price levels are breached.