A top trader who accurately called the bottom of the 2018 Bitcoin (BTC) bear market believes the crypto king has officially entered bull territory.
Pseudonymous analyst Bluntz tells his 225,000 followers on social media platform X that Bitcoin’s recent rally has debunked his bearish view that BTC could do this. to fall down $24,000 before the downtrend reverses.
According to Bluntz, Bitcoin’s move above $27,000 indicates that BTC is now in a situation bull market.
“BTC breaks higher and invalidates this triangle structure. I think it’s time to get rid of it [bearish] prejudice.”
At the time of writing, Bitcoin is trading at $27,487.
The crypto strategist is also keeping a close eye on Ethereum (ETH) rival Avalanche (AVAX). According to Bluntz, AVAX could be in a position to spark rallies after pushing back on a bullish market structure and losing more than 50% of its value this year.
“Nice weekly AVAX formation, hitting a major low and now a weekly flood, not to mention it’s been absolutely decimated this year.
I think this can be significantly higher.”
At the time of writing, AVAX is worth $9.31.
Bluntz also says that many crypto assets showed a bullish engulfing candle last week. Traders keep an eye on a bullish engulfing candle because it could indicate that an asset is preparing to reverse its downtrend.
Say Bluntz,
“There are some solid weekly overflows forming across the board, which look promising so far…”
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Generated image: Midjourney