A well-known analyst and trader who goes by the moniker Bluntz has issued a warning that Bitcoin (BTC) is expected to drop below the five-month low of approximately $53,485 that was set the previous week.
Bluntz, who is a proponent of the Elliott Wave theory, is of the opinion that Bitcoin will experience a decline below $53,000 following the formation of a three-wave corrective pattern.
In addition, he provided a pessimistic outlook for Ethereum (ETH), implying that the cryptocurrency would drop below the support level located at approximately $2,800, which has been stable for more than five months, before climbing back up again.
When it comes to Ethereum, Bluntz is of the opinion that it will first sell off, then take the lows, and then begin to bid up heavily.
As this article is being written, the price of Ethereum is currently trading at $3,143. After Bitcoin’s failed breakout and subsequent retreat from quite close proximity to the $60,000 mark, the expert has issued a warning about the cryptocurrency’s price.
