New Bitcoin Prediction Is Out – Six-Month Lows for BTC

It has been just revealed that Bitcoin is about to see new lows this year and during the beginning of 2024. Check out the latest reports about this below.

A financial analyst who accurately predicted the bottom of Bitcoin’s bear market in 2018 is now forecasting another downward trend for the cryptocurrency.

The analyst, who goes by the name Bluntz on X social media platform, believes that Bitcoin has formed a bearish lower-high pattern after failing to surpass its $27,000 resistance level last week.

Bluntz explains that Bitcoin is currently undergoing an ABC corrective movement, which could lead to a six-month low of approximately $23,800.

The analyst believes that the $24,800 lows must be convincingly surpassed before the structure indicates that the bottom has been reached. Bluntz has some investments in Bitcoin but mostly in stablecoins and is currently waiting on the sidelines.

An expert known as Bluntz is well-versed in the Elliott Wave theory, a complex approach to technical analysis.

This theory aims to anticipate future price movements by tracking crowd psychology that often appears in waves.

As per the Elliott Wave theory, an upward-trending asset might undergo an ABC correction before resuming its positive trend. As of now, Bitcoin is valued at $26,646.

Bluntz is currently monitoring the performances of Microsoft (MSFT), Apple (AAPL), and Nvidia (NVDA), which are all large-cap tech stocks. According to the expert, these three stocks are signaling a potential bearish reversal on the quarterly chart.

With the quarterlies closing in a week, there are some negative quarterly candles and bearish divergences forming on these mega-cap stocks. Bluntz humorously adds an “this is fine” gif to his observation.

Regarding the Bitcoin price today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $26,751. Stay tuned for more news from the crypto space.