Ethereum

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-of-potential-bitcoin-and-ethereum-decline/" data-wpel-link="internal">Analyst Warns of Potential Bitcoin and Ethereum Decline</a> 
The closely followed anonymous cryptocurrency analyst and trader known as Bluntz issued a warning for Bitcoin (BTC) following a failed breakout. The analyst also commented on Ethereum (ETH) and warned investors about the altcoin king. 
<h2 style="text-align: justify" id="strong-expecting-a-decline-in-bitcoin-strong">Expecting a Decline in Bitcoin</h2> 
Sharing his warning on social media, Bluntz indicated that Bitcoin is highly likely to fall below the recent five-month low of $53,485 recorded last week. This prediction came after Bitcoin’s price pulled back from the $60,000 level, which Bluntz viewed as a negative indicator. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-370016" src="https://coin-turk.com/wp-content/uploads/2024/07/Bitcoin-Yorum-B-TC.jpeg" alt="" width="1108" height="759"> 
At the time of writing, Bitcoin was trading around $57,000. The analyst, who regularly uses Elliott Wave theory in his technical analyses, suggested that Bitcoin could fall below $53,000 after forming a three-wave corrective pattern. According to Elliott Wave theory, price movements occur in a five-wave pattern during the main trend, while corrections occur in a three-wave pattern. This technical outlook supports Bluntz’s bearish view on Bitcoin’s short-term <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">future</a>. 
Bluntz’s analysis is significant due to his large following and the potential impact of his predictions on market sentiment. Using the reputable <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a> method of Elliott Wave theory adds weight to his prediction of a possible decline in the price of the largest cryptocurrency. Bitcoin’s recent price action, where it approached but failed to surpass the $60,000 level before pulling back, mirrors similar patterns seen in the past that typically precede further declines. 
<h2 style="text-align: justify" id="strong-warning-for-ethereum-strong">Warning for Ethereum</h2> 
Moving on to Ethereum after Bitcoin, Bluntz expressed his expectation of a decline in the largest altcoin by market value. He suggested that Ethereum could fall below the support level of around $2,800, where it has been trading for over five months, before potentially rebounding. Ethereum is currently trading at $3,143. Bluntz’s bearish outlook on ETH aligns with the general cautious stance in the <a href="https://en.coin-turk.com/employment-data-affects-cryptocurrency-market/" data-wpel-link="internal">cryptocurrency market</a>. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-370017" src="https://coin-turk.com/wp-content/uploads/2024/07/Ethereum-ETH.png" alt="" width="1010" height="527"> 
Regarding the potential approval of spot Ethereum exchange-traded funds (ETFs) in the US, Bluntz remains skeptical. While many expect the approval to be highly bullish for ETH, the analyst believes the market might first experience a sell-off, testing lower support levels before beginning to recover and rise significantly. This perspective serves as a serious warning for investors who might be overly optimistic about the immediate effects of a spot ETF approval. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-warns-of-potential-bitcoin-and-ethereum-decline/" data-wpel-link="internal">Analyst Warns of Potential Bitcoin and Ethereum Decline</a></h5>

Analyst Warns of Potential Bitcoin and Ethereum Decline

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