Top Analyst Predicts One More Leg Down for Altcoins Before Fresh Rallies, Updates Forecast on Bitcoin

A crypto strategist recognized for calling bottoms believes the altcoin market is one correction away from unleashing rallies.

Pseudonymous analyst Bluntz tells his 269,600 followers on the social media platform

Bluntz says TOTAL3, which is used to measure the efficiency of altcoins, seems poised for a step again earlier than regaining bullish momentum.

“Though TOTAL3 appears to be like nice structurally, there’s a very clear five-wave uptick from the four-hour lows [chart].

I nonetheless suppose an ABC correcting momentum from the lows is materializing and desires one other C wave down.

I might watch out to remain so long as attainable now, there will probably be good entries…”

The analyst applies Elliott Wave principle, which states {that a} bullish asset tends to see rallies after finishing an ABC transfer down. Based mostly on the dealer’s chart, he appears to foretell that TOTAL3 will fall to $530 billion for the C wave, earlier than rising to $620 billion.

On the time of writing, TOTAL3 is buying and selling at $576.212 billion.

Bitcoin, the dealer thinks BTC can be due for a C-wave correction in the direction of the $55.00 degree, forward of a rally near $65,000.

“First rate achieve for BTC from Friday’s lows. Nevertheless, I believe we’d be capable to get away from it a bit and take one other step decrease round $55,000.

I base this thought on TOTAL3, which appears to be like fairly clear in my view.”

On the time of writing, Bitcoin is price $60,593, up 3.31% on the day.

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