Bitcoin To Repeat 2020 Collapse? Could Accumulation Time Get Near?

It has been just revealed that we could see Bitcoin repeating the 2020 collapse, and this would mean just one thing: accumulation! Check out the latest reports about the most important digital asset out there below.

According to a trader who had accurately predicted the 2018 bear market bottom for Bitcoin (BTC), the cryptocurrency may experience a similar price action as it did in 2020, when it dropped from $10,000 to $4,000 in just a few weeks.

The trader, who goes by the pseudonym Bluntz, shared his thoughts with his 225,200 followers on X, a social media platform.

Bluntz believes that Bitcoin has already reached a cycle bottom at around $15,000, but he also warns that it is possible for BTC to fall to $19,000 before making a full recovery and entering a bull market next year.

“Personally, I feel that BTC has probably bottomed at $15,000 but also that we are in the 2019-2020 part of the cycle where we can still easily come down to $19,000-$20,000 and put in a higher low and continue higher throughout 2024.”

Bitcoin’s current trading price is $27,612, which is down by more than 1% in the past 24 hours. Bluntz, a trader, is closely monitoring the TOTAL chart, which tracks the market capitalization of all cryptocurrencies.

According to him, TOTAL appears to be ready for another decline after completing an ABC rebound and displaying a bearish lower-high setup.

Bluntz’s analysis is based on the Elliott Wave theory, which is a technical analysis methodology that utilizes crowd psychology to predict future price movements that typically occur in waves. As per the theory, a bearish asset may experience an ABC move to the upside before continuing its downtrend. At the time of writing, TOTAL is trading at $1.05 trillion.

Regarding the smart contract platform Avalanche (AVAX), Bluntz thinks that the altcoin’s bounce is over after failing to take out resistance at around $11.

“AVAX rejected hard form a key level on the back of the Stars Arena hack. It was a good move from the low but not worth continuing to hold in my opinion.”