Top Crypto Analyst Updates Outlook on Bitcoin and Ethereum, Warns Altcoins Head for Deeper Declines

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A popular crypto analyst and trader offers his predictions for Bitcoin (BTC), Ethereum (ETH), and altcoins amid a price drop.

Pseudonymous analyst Bluntz told his 222,400 Twitter followers that his prediction on Tuesday that BTC would hit a new high in 2023 within hours had not materialized.

Bluntz had predicted that Bitcoin would surpass this year’s high of $31,000 within 24 to 36 hours. With Bitcoin trading at $28,079 at the time of writing, down 8% over the past week, the analyst now says his prediction is off.

The analyst also says that ETH has moved back into a 300-day range, suggesting Ethereum’s recent breakout could be a bull trap.

“I ate a few losses and closed a bunch of positions, but I feel a lot of weight on my shoulders.

Don’t particularly want to be a stubborn martyr and take losses with Ethereum now well and truly back in the major range we just came out of.

Source: Bluntz/Twitter

Ethereum is trading at $1,920 at the time of writing, down 5% over the past week.

When it comes to altcoins, the pseudonymous crypto analyst says that they exhibited Bearish Swing Failure (SFP) patterns, a technical formation that signals a trend reversal.

According to Bluntz, the price appreciation some altcoins have seen over the past month were bear market rallies, which are short-term increases that occur in a macro downtrend.

The analyst, who typically uses Elliott Wave Theory in his technical analysis, further asserts that these short-lived highs could have been part of a corrective three-wave ABC pattern in a downtrend, where wave B is usually a short-term bounce up to be followed by a deeper move down.

“A whole bunch of altcoins showing weekly bearish SFPs. Avalanche (AVAX) is one and I will try to dig some more.

But I think when it comes to altcoins, many of these upside moves over the past month could have been B waves, with much deeper declines to come.

These seem to me to be warning signs.

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