An analyst known for his timely crypto calls is sounding the alarm about the possibility of the asset class hovering close to a bull market peak.
Pseudonymous analyst Bluntz tells his 309,000 followers on the social media platform print a bicycle top.
“There are crypto top boards everywhere right now.
There are certainly some nice charts still available, but regardless, I think we’re at the stage of the cycle where it would be wise to take some chips off the table.”
Bluntz looks to Bitcoin (BTC) to support his position. According to the analyst, BTC is at the end of a five-wave wave that started in early 2023.
The trader follows the Elliott Wave (EW) theory, which states that a bullish asset witnesses a five-wave rally before ending an uptrend.
“From an EW perspective, in my opinion, every wave within this bull run on BTC can now potentially be taken into account.
Each sub-wave within the wave that started in August AND five waves from the lows of the cycle (2022).
Can we go even higher from here? Of course it is possible. Does this mean you have to pay out 100%? Probably not, because every sign of strength will likely send you back into FOMO (fear of missing out).
But as I said yesterday: it would be wise to at least take some chips off the table.”
At the time of writing, Bitcoin is trading at $101,235.
Another coin that can have that hit the bull market peak is (SOL), according to Bluntz. The trader notes that SOL appears to have completed a five-wave rally on the monthly chart, with a bearish reversal signal to boot.
“SOL Monthly has a clear five-up with a monthly bear divergence.
SOL’s lower time frame has a five down from the highs.
Do whatever you want with this.”
A bearish divergence suggests that an asset is gearing up for a downtrend as momentum wanes while the price trades higher or sideways.
At the time of writing, SOL is worth $234.
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Generated image: Midjourney
