Crypto Analysts: Bitcoin And Ethereum Potentially Falls

Bitcoin and Ethereum, the two largest crypto assets by market cap. (Photo; Doc. NewsBTC)

JAKARTA - A crypto trader known as Bluntz is skeptical of the latest spike driving Bitcoin (BTC) and Ethereum (ETH) up by more than 5%.

In his comments to his followers on social media, Bluntz stated that the two largest crypto assets by market cap still have a greater potential decline.

Bluntz, who used technical analysis by applying Elliott Wave's theory, revealed that he was not sure that this spike would be the lowest point for BTC or ETH. He argues that there may need to be another drop to resolve the 5th C-wave before he would be happy to call it the lowest point.

In his analysis, Bluntz also detailed his forecast of the price of Ethereum. He stated that ETH might reach a price of 1,450 US dollars (Rp22 million) as part of the completion of the five-wave pattern. This pattern is related to a larger three-wave pattern (A, B, C) which also shows a downward trend.

Bluntz explained that the only thing that could cancel its bearish-like prediction was if the price of ETH broke 1,804 US dollars (Rp27.5 million) or if the price of BTC exceeded 28,770 US dollars (Rp438 million), as this indicated that the fourth wave would not enter the region of the first wave.

Currently, Bitcoin is trading at US$27,385 or equivalent to Rp417,534,987, while Ethereum is trading at around US$1,719 (Rp26.2 million). Crypto traders like Bluntz continue to carry out technical analysis to try to understand this complex market movement.