Top Trader Says Wider Crypto Market Downturn Incoming, Outlines Path Forward for Bitcoin and Solana
A widely followed cryptocurrency trader and analyst is expressing bearish sentiment on the broader digital assets market.
The trader pseudonymously known as Bluntz tells his 266,600 followers on the social media platform X that the crypto assets space is likely to experience a “minimum two weeks of broader market downturn.”
The widely followed trader also says that he has converted his crypto assets to mostly stablecoins. On his trading bias over the coming weeks, Bluntz says,
“No longs for the next few weeks for me where I’ll re-evaluate afterwards.”
Turning to Bitcoin (BTC), the pseudonymous analyst says that the flagship crypto asset is likely to trend downwards in choppy movements for “another two weeks or so.” According to Bluntz, Bitcoin could bottom out at around the $60,000 level before embarking on an uptrend.
Based on Bluntz’s chart on the one-hour time frame, it appears that the analyst is suggesting that Bitcoin could eventually appreciate a new all-time high of $82,000, around 27% above the current price.
Bitcoin is trading at $64,705 at time of writing.
Next up is Solana (SOL). The pseudonymous analyst, who regularly applies the Elliott Wave theory in his technical analysis, says that Solana has completed a three-wave pattern to the upside against both the US dollar and Bitcoin and is likely now headed lower. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
“…it’s not awe-inspiring for the broader market when a former bull-run leader looks like this.”
Solana rose by around 60% in July to hit a two-month high of about $193 and is trading at $170 at time of writing.
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