Top Analyst Predicts One More Leg Down for Altcoins Before Fresh Rallies, Updates Forecast on Bitcoin
A crypto strategist known for calling bottoms believes the altcoin market is one correction away from igniting rallies. Pseudonymous analyst Bluntz tells his 269,600 followers on the social media platform X that he’s keeping an eye on the TOTAL3 chart, which tracks the total market cap of crypto excluding Bitcoin, Ethereum (ETH) and stablecoins. Bluntz says TOTAL3, which is used to gauge the performance of altcoins, looks poised for a leg down before it regains bullish momentum. “Although TOTAL3 structurally looks amazing, very clear five-wave rise from the lows on the four-hour [chart]. I still think an ABC correcting that impulse from the lows is materializing and has yet to do a C wave down. I would be careful being max long right now, good entries will come…” Source: Bluntz/X The analyst practices the Elliott Wave theory, which states that a bullish asset tends to witness rallies after completing an ABC move down. Based on the trade...