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July 24, 2024
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Crypto Market Analysis: Analyst Outlines Potential Market Movements for Bitcoin, Ethereum, and Solana

The post Crypto Market Analysis: Analyst Outlines Potential Market Movements for Bitcoin, Ethereum, and Solana appeared first on Coinpedia Fintech News

Bluntz, a pseudonymous analyst celebrated for successfully predicting Bitcoin’s 2018 bear market bottom, has recently shared his insights on the future prospects of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

With a massive following of over 223,400 Twitter users eager to gain insights from his analyses, his predictions have garnered significant attention.

BTC – Potential Bull Trap on the Horizon?

Bluntz suggests that Bitcoin may be heading toward a bull trap. This scenario implies that the cryptocurrency could experience a brief surge above its yearly high of approximately $31,500, only to undergo a correction down to $29,500. However, Bluntz emphasizes that this pullback to $29,500 would likely be a bear trap, indicating that Bitcoin is poised to continue its upward trajectory thereafter.

Bluntz states, “The max pain move in this scenario that screws over as many people as possible on BTC would be taking the $31,500 highs and then taking the $29,500 lows before the real ascending trend happens.” At present, Bitcoin is being traded at $30,834, reflecting the current state of the market.

Ethereum – Bullish Set-Up in the Works

Bluntz also provides insights on Ethereum, highlighting the cryptocurrency’s bullish signals against Bitcoin (ETH/BTC). According to him, the bullish setup of ETH/BTC suggests that the Ethereum versus USD pair is likely to experience rallies with minor retracements. Bluntz observes an extremely bullish four-hour chart forming on ETH/BTC after sweeping both the highs and lows.

He states, “I had thought the USD pair might pull back deeper than it has but with this setup on the ETH/BTC pair, maybe we do just start marking up from here with very minimal pullbacks.”

Solana – Anticipating Correction and Reversal

Bluntz’s attention also turns to Solana, a rival to Ethereum. He anticipates that Solana will undergo a correction and reach the $18 level in the coming days, only to reverse course and rally towards $24. Expressing his intention to add to his long positions in Solana, Bluntz states, “Stalking something like this on SOL to add to longs this week.”

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