A trader who accurately predicted the bottom of the 2018 bear market for Bitcoin is warning that the cryptocurrency could repeat its 2020 price action and drop from $10,000 to $4,000 in a matter of weeks. The trader, known as Bluntz, believes that Bitcoin has already hit a cycle bottom at around $15,000, but could still drop to $19,000 before entering a full-blown bull market next year.
Bluntz also suggests that the TOTAL chart, which tracks the market capitalization of all crypto assets, may witness another leg down after completing an ABC bounce and printing a bearish lower-high setup. The trader uses the Elliott Wave theory in his analysis, which attempts to predict future price action by following crowd psychology that tends to manifest in waves.
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