Bitcoin New Trajectory, Following Price Explosion To $30k

The other day, Bitcoin hit $30k following the fake news that was shared by CoinTelegraph. Check out the latest predictions about the king coin below.

A market trader who accurately predicted the bottom of Bitcoin’s bear market in 2018 now believes that the cryptocurrency may be due for a significant drop of more than 20%.

The trader, known as Bluntz on social media platform X, has stated that they are currently staying on the sidelines after Bitcoin failed to break through the $30,000 psychological resistance level.

According to Bluntz, the recent surge in Bitcoin’s value may be part of an ABC corrective move, which could result in the cryptocurrency plummeting to as low as $22,376.

BTC had a nice upward movement overnight and reached his target price, which was a smooth trade in an otherwise choppy market. However, he said that he is now on the sidelines again as he is not convinced that the price will continue to rise to new highs due to strong resistance.

He was aware that this upward movement could be a B wave, but he did not have enough conviction to short.

Bluntz uses Elliott Wave theory in his technical analysis, which involves predicting future price action by observing the patterns created by crowd psychology in waves.

According to this theory, a bullish asset may experience an ABC corrective wave after an upward movement before continuing its upward trend.

The other day, Bitcoin surged briefly above $30,000 on the erroneous reports that the U.S. Securities and Exchange Commission (SEC) has greenlighted BlackRock’s bid for a spot-based BTC exchange-traded fund (ETF).

Bitcoin has retraced since and is trading at $28,418 at time of writing. Check out our previous article about what happened the other day in order to learn how the price of BTC has been manipulated.