A crypto strategist who nailed the 2018 Bitcoin (BTC) price floor predicts a rebound for the king of cryptocurrencies similar to what happened around four years ago.
Pseudonymous analyst Bluntz tells his 223,000 Twitter followers that Bitcoin appears to be gearing up for a rally towards $29,000.
According to the top trader, Bitcoin’s current market structure resembles its price action in the second half of 2019, when BTC surged from around $8,000 to $12,000 in less than a month.
“In fact, I’m also open to the idea of BTC bouncing a bit higher than the top of the channel, similar to 2019. It (probably) would give alts some room to have decent bounces, just as some are looking for a job to do.”
Although Bluntz sees a Bitcoin bounce in the near term, he believe the rally will be short lived and BTC will eventually resume its downtrend en route to the low $20,000 price level.
“Personally, I was thinking about $20,000 – $21,000 tops, but long for now as well. I will be waiting to see how the price action plays out on this bounce. Always try to keep an open mind.”
At the time of writing this article, Bitcoin is trading at $27,115.
The cryptocurrency trader is also keeping an eye on the Avalanche (AVAX) smart contract protocol. According to the analyst, AVAX also seems poised for a rebound.
“Beautiful setup on AVAX here – swept a major low and immediately makes a good daily dive.
I’m not sure how high it ends up bouncing, but it’s definitely worth playing for now, in my opinion.”
At the time of writing, AVAX is trading at $14.76.
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