The Crypto Analyst Bluntz (@SmartContracter) predicted that Bitcoin would trade sideways over a timeframe of around 12 months. So far, his analysis has proven to be accurate.
The tweet corresponding to the forecast in question was posted on August 29, and six weeks later Bitcoin is still in a sideways market without showing any real breakout up or down: Bitcoin’s trading range is between around $17,500, the lowest level of the year 2022, and its highest level at around $25,000.
The details of Bluntz’s analysis
Bluntz indicated that the worst-case scenario (max bread) may not materialize until late 2023: the analyst has identified a possible 392-day trading range on the Bitcoin price chart.
“Max Breadis a term used in the options trading industry. It is also applied generally in all types of crypto trading.
Investopedia defines this term as the “price at which a stock (or cryptocurrency) would cause financial losses to the highest number of option holders – both put and call – upon expiration.”
While the next “halving” (halving, the process of reducing the rate of cryptocurrency generation) of Bitcoin is expected to take place around March 2024, or 527 days from now, some analysts believe that it may take until this period for a Significant bullish catalyst for Bitcoin price kicks in.
Bluntz’s forecast foresees a moment of ‘mild capitulation’: this means that new lows could be reached below $17,500, as frustration could lead some BTC holders to liquidate their positions, given the size of the losses. earned during the period.
He also expects the current high of $25,000 to be swept away ($25,211 on Binance against USDT).
Moreover, Bluntz’s price targets are far from those expected by analysts on the upside and downside. Indeed, the general consensus among bullish and bearish traders is at the $28,000 level for the only upside high and $12,000 for the only downside low.
Bluntz has 211,000 followers and is widely considered one of the top crypto analysts to follow on Twitter. Bluntz had indeed accurately predicted the bear market of 2018, including the floor price level that Bitcoin hit during this crypto winter.
Six months in advance, he announced that the bottom of the bear market would be “$3,200 with a margin of $200 on either side”, and in December 2018, Bitcoin had bottomed out at $3,156. . The corresponding tweet is pin at the top of the page on his account.
Alternatives to Bitcoin
One possible option for investors who don’t want to sit idly by during this 12-18 month period until an upside breakout and the end of this sideways market, is to invest in a new token that is currently on presale.
We recently reviewed the IMPT token, whose first pre-sale stage raised around $3 million.
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- To secure or store your cryptocurrenciesget Ledger or Trezor wallets
- To trade your cryptos anonymouslyinstall the NordVPN app
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- In poker on the CoinPoker gaming platform
- To a global fantasy football on the Sorare platform
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