Bluntz, a strategist known for his accurate predictions of the bottom levels in the cryptocurrency world, altcoin marketHe warned his followers that the stock needed one last correction to trigger a new rally.
Altcoin Warns Investors Over TOTAL3
Addressing his followers on X, Bluntz said, TOTAL3 chart warned altcoin investors via. For those who don’t know, TOTAL3 is an indicator that tracks the total market value of all other cryptocurrencies except Bitcoin (BTC), Ethereum (ETH) and stablecoins. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Bluntz, altcoinEvaluating the performance of ‘s, he suggested that TOTAL3 could make a short-term rise before falling. The analyst thinks that after this situation, the market could regain upward momentum.
Bluntzcommented on TOTAL3 in his post, “TOTAL3 looks great structurally, there is a clear five-wave rise from the lows on the four-hour chart. However, I think that an ABC move that will correct this impulse from the lows has not yet been completed and that wave C will come downwards. It may be risky to be in a fully long position at the moment, good entry opportunities are coming soon future “It looks like,” he said.
Analyst uses Elliott Wave theoryAccording to Bluntz, an asset in an uptrend usually enters a new rally after the completion of the ABC move. According to the chart shared by Bluntz, TOTAL3 must first fall to $530 billion and then rise to $620 billion for wave C. TOTAL3 is currently trading at $576.212 billion.
He Also Warned of a Decline for Bitcoin
BitcoinReferring to (BTC), Bluntz predicted that the largest cryptocurrency could rally towards $65,000 after falling to $55,000. In his assessment of Bitcoin, the analyst said, “We saw a reasonable movement in BTC from the bottom levels on Friday. However, I think we will pull back a little more and make another wave around $55,000. I base this thought on the TOTAL3 chart, this situation seems quite clear.”
At the time of writing, Bitcoin is trading around $60,800 and is up 3.31 percent on the day.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
