A trader who accurately named the bottom of Bitcoin’s (BTC) bear market in 2018 is predicting how the entire crypto market could reach a price bottom this cycle.
Pseudonymous analyst Bluntz tells his 225,600 followers on the social media platform X that he is taking a close look at crypto’s total market capitalization (TOTAL).
Bluntz says he sees the TOTAL chart lose about 15% of its value before crypto assets can see a significant increase.
“Looking at TOTAL paints the clearest picture of all, much more than just looking at ETH or BTC.
Based on TOTAL, I believe the June lows have yet to be swept before the bottoms are reached, but it will likely be the last GOOD buying opportunity for years to come.
Looking at Bluntz’s chart, it seems that he expects the total market cap of all cryptocurrencies to fall to $880 billion. At the time of writing, TOTAL sits at $1,032 trillion.
The analyst is a popular practitioner of Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price action by following mass psychology that usually manifests itself in waves. Bluntz says his forecast is based on a model that outlines an asset’s potential correction after a steep rally.
“Based on the simple Elliott Wave model, where the rise from the lows is seen as an impulsive move and our corrective wave from the highs is about 70-80% complete.”
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Image generated: Midway through the journey