Predictions from analysts who correctly forecast previous lows and highs attract significant interest. However, predicting the 2018 bottom did not make them right about subsequent lows, like in 2022. Yet, the perspectives of such analysts can be broader and more substantiated.
Analyst’s Prediction for the Bottom
Bitcoin (BTC) analyst who predicted the 2018 bottom six months in advance is now talking about Ethereum (ETH). Predictions about ETH prices are relevant to almost all altcoins due to its connection with cash flow to BTC and altcoins. Thus, the latest assessment regarding ETH is a comment that concerns altcoins as a whole.
ETH Price Prediction
The analyst known as Bluntz says that ETH price potentially reached its real bottom in August after hitting the lowest point in the last six months. This means that ETH might not experience as bad days as we've seen until it reaches a new ATH level. This is also consistent with the expected rise in altcoins in general. Many experts predict a stagnant September followed by active markets in October. Bluntz first expects the $2,850 level to turn into strong support for ETH. The anonymous analyst, who sees a bullish divergence on the three-day chart, also uses Elliott wave theory. Bluntz believes that Ethereum has completed a correction in a three-wave move and is following a five-wave pattern on the four-hour timeframe.
Situation with Other Altcoins
The level the analyst targets for ETH in the coming weeks is around $3,400. However, at the time of writing, ETH is struggling to maintain the $2,500 support. The second altcoin he highlights is Solana (SOL). The analyst believes SOL Coin will weaken against ETH, which seems reasonable with the early end of the ETF story. BTC, at the time of writing, is trying to reclaim $59,000 after dipping below $58,000 multiple times. As we approach the weekend and the monthly close, it wouldn't be surprising to see continued weakness in crypto over the next two low-volume days.
The market continues to follow predictions made by analysts who previously made accurate forecasts, especially concerning assets like Ethereum and Solana. The upcoming weeks are expected to be indicative of further developments.
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