A trader whose following grew after he called the bottom of the Bitcoin (BTC) bear market of 2018 believes that the cryptocurrency is unlikely to cross over $30,000 anytime soon.
The analyst, who goes by the pseudonym Plantz, tells his 222,400 Twitter followers that Bitcoin is likely going through a five-wave uptrend on the daily chart.
According to the famous analyst, BTC may now be in the midst of an ABC corrective move that could send Bitcoin to the $25,000 price region.
“Thinking of something like that playing an important role in BTC makes a lot more sense to me.
The last patch has been running for 41 days and so far, there are only 14 days left on the latest patch which doesn’t feel like long enough for me.”
Blontz is a well-known practitioner of Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price movement by following the psychology of crowds that tend to appear in waves. According to the theory, a bullish asset tends to go in a five-wave uptrend, followed by an ABC corrective move.
Looking at Bluntz’s chart, it seems that he expects Bitcoin to resume its bullish trend after reaching $25,000 and rally towards $32,000 by the second half of 2023.
At the time of writing, Bitcoin is trading for $29,381.
As for Ethereum (ETH), the crypto strategist believes that the leading smart contract platform is likely to depreciate faster than BTC. Looking at the Ethereum vs Bitcoin (ETH/BTC) chart, Bluntz says it could drop to 0.06 BTC ($1,757) before regaining bullish momentum and rising to 0.073 BTC ($2,138).
“I think ETH/BTC/ is starting to re-emerge and the price action from the March low may have been an ABC high. It is losing 0.618 daily and it looks like a possible new low. It’s hard to be bullish on the alternatives when ETH/BTC looks the way it is. About to flip and make another drop in my day/week.”
At the time of writing, ETH/BTC is trading at 0.0648 BTC worth $1,898.
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Featured image: Shutterstock / Liu Zishan