A prominent analyst in the cryptocurrency market has warned that the asset class in the sector is approaching a bull market peak. Bluntz, known as Pseudonim, said in a statement to his 309,000 followers on social media platform
Bitcoin Analysis
Bluntz uses Bitcoin to support his stance $102,590.7Focused on (BTC). According to the analyst, BTC is at the last point of the five-wave increase since the beginning of 2023. Bluntz, who follows the Elliott Wave Theory, stated that this theory suggests that the uptrend sees a five-wave increase before ending.
“There are crypto top signals everywhere right now,” Bluntz said. “Of course there are still nice charts, but it would be wise to take some profits at this stage of the cycle,” he said.
Solana’s Situation
The analyst stated that another cryptocurrency, Solana (SOL), may have also reached its bull market peak. Bluntz noted that SOL appears to have completed a five-wave increase on the monthly chart and is also signaling bearishness.
“SOL clearly sees five upward waves on the monthly chart and a monthly bearish divergence is forming,” Bluntz said. Can it go higher? “Of course it’s possible, but that doesn’t mean you have to literally take out cash,” he said.
Market Expectations
Bluntz argued that the market is generally in the final phase of its bullish cycle, so it might make sense to realize some profits. However, rather than recommending a complete market shutdown, he pointed out the possibility of a rebound due to FOMO (fear of missing out) against strength indicators.
Bitcoin is currently trading at $101,235, while Solana is at $234. While evaluating the overall outlook of the market, the analyst suggested that investors be cautious and prepared for possible fluctuations in the market.
In conclusion, although there are some positive signals in the cryptocurrency market, it is important to note that the overall market trend is approaching its peak and investors should be careful. Investors should follow market analyzes closely and determine their strategies accordingly.
Disclaimer: The information contained in this article does not constitute 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.
