A crypto strategist who hit the 2018 Bitcoin (BTC) price floor predicts a bounce for the crypto king similar to what happened about four years ago.
Pseudonymous analyst Bluntz tells his 223,000 Twitter followers that Bitcoin appears to be gearing up for a rally towards $29,000.
According to the top trader, Bitcoin’s current market structure resembles the price action in the second half of 2019, when BTC surged from around $8,000 to $12,000 in less than a month.
“I’m actually also open to the idea of BTC bouncing slightly higher than the top of the channel similar to 2019. (It) would probably give alts quite a bit of room to have decent bounces, and some look set to do.”
Although Bluntz sees a Bitcoin bounce in the near term, he thinks believes the rally will be short-lived and that BTC will eventually resume its downtrend on its way to the low price level of $20,000.
“Personally, I thought around $20,000 – $21,000 max, but also long for now. I await how the price action unfolds on this bounce. Always try to keep an open mind.”
At the time of writing, Bitcoin is trading at $27,115.
The crypto trader also keeps an eye on the smart contract protocol Avalanche (AVAX). According to the analyst, AVAX also seems poised for a bounce.
“Nice setup on AVAX here: swept a big low and then immediately a nice flood every day.
I’m not sure how high this bounces, but well worth playing in my opinion.
At the time of writing, AVAX is trading at $14.76.
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