A crypto strategist recognized 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 maintaining a tally of the TOTAL3 chart, which tracks the entire market cap of crypto excluding Bitcoin, Ethereum (ETH) and stablecoins.
Bluntz says TOTAL3, which is used to gauge the efficiency of altcoins, appears poised for a leg down earlier than it regains bullish momentum.
“Though TOTAL3 structurally appears wonderful, very clear five-wave rise from the lows on the four-hour [chart].
I nonetheless assume an ABC correcting that impulse from the lows is materializing and has but to do a C wave down.
I might watch out being max lengthy proper now, good entries will come…”
The analyst practices the Elliott Wave principle, which states {that a} bullish asset tends to witness rallies after finishing an ABC transfer down. Based mostly on the dealer’s chart, he appears to foretell that TOTAL3 will drop to $530 billion for the C wave earlier than rallying to $620 billion.
At time of writing, TOTAL3 is buying and selling for $576.212 billion.
Bitcoin, the dealer thinks that BTC can also be due for a C-wave correction towards the $55,00 stage previous to a rally near $65,000.
“Respectable transfer up on BTC from these lows on Friday. Nevertheless, I feel we would come off a bit extra and do one other leg decrease round $55,000.
Basing this thought round TOTAL3 which appears fairly clear, for my part.”
At time of writing, Bitcoin is value $60,593, up 3.31% on the day.
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