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A historically accurate crypto analyst who predicted the Bitcoin bear market bottom in 2018 is now cautioning that the leading cryptocurrency may undergo a similar price movement. Popular analyst Bluntz shared his belief that has likely established a cycle bottom around the $15,000 mark. Nevertheless, this seasoned trader also acknowledges the possibility of Bitcoin dropping all the way to $19,000 before initiating a full-fledged in the coming year. He said that, in his his opinion, Bitcoin has likely reached its bottom at $15,000. However, we may still revisit the $19,000-$20,000 range, setting a higher low before continuing its upward trajectory throughout 2024. As of the time of this writing, Bitcoin is being traded at $27,087, reflecting a minor decrease around 2% in the past 24 hours. Bluntz is also closely monitoring the TOTAL chart, which monitors the combined market capitalization of all cryptocurrencies. According to his analysis, TOTAL appears poised for another downward leg after completing an ABC bounce and displaying a bearish lower-high pattern. He remarked, that TOTAL seems ready to reverse course and that the recent rally has exhausted itself. Bluntz employs the Elliott Wave theory in his analysis. This theory is a technical analysis approach that seeks to anticipate future price movements by following the waves driven by collective psychology in the market. According to the theory, a bearish asset may experience an ABC pattern to the upside before resuming its downward trend.
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