Crypto Trader Analysis: Bitcoin (BTC) Enters Bullish Phase

Bitcoin is predicted to be bullish. (Photo; Doc. Slo Tech)

JAKARTA Bitcoin has decreased in recent months. When entering this October, analysts assessed that the crypto market will recover. This view was conveyed by a well-known trader who has an accurate record of predicting the Bitcoin bearish market in 2018, Bluntz.

According to him, Bitcoin has entered the bullish area. Bluntz, which uses pseudonyms, has changed its bearish view after seeing the Bitcoin price move above $27,000.

In a statement on social media platform X, Bluntz admitted that previously he thought Bitcoin could drop below $24,000, but this latest rally indicates that BTC is currently in a bullish phase.

According to Bluntz, Bitcoin has "dismantled the bearish structure" that exists, and it argues it is the right time to abandon bearish views on this cryptocurrency. At the time of writing, BTC was trading at the level of IDR 429,898,809 per coin according to data from CoinMarketCap at 16:51 WIB.

It doesn't stop there, Bluntz is also observing other crypto asset markets, including Ethereum (ETH) and Avalanche (AVAX). He argues that AVAX has the potential to experience a significant rally after experiencing a drop of more than 50% of its value so far this year.

In addition, Bluntz also noted that several other crypto assets have formed weekly bullish engineering candlesticks. This candlestick is an indication that an asset may experience a reversal trend from going up and down. Thus, Bluntz concluded that currently there are many positive signs in the crypto market.