In the world of cryptocurrencies, strategist Bluntz, known for accurately predicting bottom levels, warned his followers that the altcoin market needs one more correction to trigger a new rally.
Warns Altcoin Investors on TOTAL3
Addressing his followers on X, Bluntz warned altcoin investors through the TOTAL3 chart. For those unaware, TOTAL3 is an indicator that tracks the total market value of all cryptocurrencies except Bitcoin (BTC), Ethereum (ETH), and stablecoins. Bluntz suggested that TOTAL3, which evaluates the performance of altcoins, might experience a short-term rise before a decline. The analyst believes that the market could regain upward momentum after this situation.
Prediction of Bitcoin Decline
Addressing Bitcoin (BTC), Bluntz predicted that the largest cryptocurrency could rally to 65 thousand dollars after declining to 55 thousand dollars. In his evaluation of Bitcoin, the analyst said, 'On Friday, we saw a reasonable move from the bottom levels in BTC. However, I think we will pull back a bit more and make another wave around 55 thousand dollars. I base this on the TOTAL3 chart, which looks quite clear.' At the time of writing, Bitcoin is trading around 60,800 dollars, having risen by 3.31% during the day.
Conclusion
In conclusion, renowned crypto-strategist Bluntz believes that the altcoin market needs a short-term correction before a potential new rally. He predicts a similar situation for Bitcoin, expecting the price to decline before a new upward trend begins. Investors should be cautious and prepared for volatile market movements.
Thus, according to analyst Bluntz, current market conditions dictate the need for a correction for both the altcoin market and Bitcoin before they can continue to rise.
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