An analyst who nailed the bottom of Bitcoin’s (BTC) 2018 downtrend says that stocks with exposure to the crypto industry look far more bullish than the digital asset markets.
Pseudonymous analyst Bluntz tells his 223,900 Twitter followers that the stocks of crypto exchange Coinbase (COIN), business analytics firm MicroStrategy (MSTR), digital asset mining companies Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) all look primed for a reversal after their recent corrective moves.
“Nice 13%-20% dips on all the major crypto proxy stonks… I think this is a good spot to expect reversals to the upside on all four of the major ones I’m tracking. Now whether they are running their own race or leading crypto is yet to be seen.”
Looking at Bitcoin itself, the crypto trader thinks that bulls can stage a comeback and send BTC to a fresh 2023 high if they manage to push the flagship digital asset above $29,700.
“Finally swept the range lows. We also didn’t cascade liquidations too low either which is a good sign, Any four-hour close back into the range above $29,700 will be a long for me to new highs above $32,000.”
At time of writing, BTC is trading for $29,261.
As for the smart contract platform Solana (SOL), Bluntz says that he’s looking to accumulate the altcoin now that BTC has swept $29,500.
“I can’t continue to hold SOL here with this price action. I will be looking to re-enter later, probably won’t be until at least after BTC finally sweeps $29,500.”
At time of writing, SOL is worth $23.29, close to Bluntz’s downside target.
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Generated Image: Midjourney