Crypto strategists are known to call bottoms. They believe that the market for altcoins is just one correction from sparking a rally.
Bluntz, a pseudonymous analyst, tells 269,600 of his followers on social media that he is keeping an eye out on the TOTAL3 graph, which shows the market capitalization for crypto excluding Bitcoin (ETH), Ethereum (BTC) and stablecoins.
Bluntz believes TOTAL3, the metric used to measure altcoin performance, is poised for an initial decline before regaining bullish momentum.
Still, I think that an ABC wave is correcting the impulse of lows and it has not yet done a C-wave down.
Be careful not to go over the maximum length right now. Good entries will soon come …”
Analysts use the Elliott Wave Theory, according to which a bullish investment tends towards a rally after it has completed an ABC down move. According to the chart of the trader, it appears that TOTAL3 is expected to drop down to $530 Billion for the C Wave before rising to $620 Billion.
TOTAL3 currently trades for $576.212 Billion.
The trader believes that Bitcoin is due for another C-wave corrective wave towards the $55,00 mark before a rise to close to $65,000.
BTC has made a decent move since Friday’s lows. But I do think that we could come down a little more, and go lower again around $55,000.
“I’m basing my thoughts on TOTAL3, which I find quite obvious.”
Bitcoin’s value is $60,593 at the time this article was written, up by 3.31% for the day.
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The post This top analyst predicts that altcoins will continue to fall before a new rally, and updates on Bitcoin forecast may change as events unfold.
