Bitcoin And Ethereum Price Warning Is Out

There’s a warning about the price of Bitcoin and Ethereum these days and you can check out more details about this below.

A well-known crypto strategist has recently warned that both Bitcoin (BTC) and Ethereum (ETH) may experience a significant correction soon.

A trader known as Bluntz, who has a large following of 233,200 people on the social media platform X, has suggested that BTC and ETH are currently in the middle of an ABC corrective pattern.

Bluntz is an advocate of the Elliott Wave theory, which is a technique that uses technical analysis to predict future price movements based on crowd psychology that tends to manifest in waves.

According to this theory, a bullish asset usually experiences an ABC correction wave before starting the next leg up.

The analyst suggests that BTC and ETH may be positioning for the last leg down of the ABC pattern based on their recent price action.

“Have had a phenomenal month but BTC and ETH do look a bit worrisome here in my opinion. Time to chill and see how the next few weeks unfold.

I really toned back my leveraged positions the last few days. I think a lot of this slow grind-up over the last week on BTC and ETH was likely B waves.”

The analyst presented a chart indicating a possible BTC pullback to $39,000. Bitcoin is currently trading at $43,523.

The analyst also predicts a potential drop to $2,000 for Ethereum.

In other recent news, there are also optimistic predictions about the price of Bitcoin.

A well-known cryptocurrency analyst, who goes by the name TechDev, has suggested that Bitcoin (BTC) may reach new all-time highs in the next two months.

TechDev, who has a following of 425,000 people on the social media platform X, has stated that Bitcoin’s on-balance volume (OBV), a trend indicator that uses volume flow to predict changes in price, is indicating that new highs for BTC are just around the corner.