Analyst Warns Bitcoin Could Crash Below $53,000

A prominent analyst, known as Bluntz, is cautioning Bitcoin (BTC) investors after the cryptocurrency's recent failed breakout.

Bluntz suggests that Bitcoin (BTC) could fall below its recent five-month low of around $53,485.

reee i dont like how that breakout yesterday got faded back into the range on #btc

thats never a good sign imo and looking the same as last weeks abc up aswell.

good chance we sweep the lows again 😮‍💨 pic.twitter.com/sxrKFECwBV

— Bluntz (@Bluntz_Capital) July 11, 2024

Bluntz observed that Bitcoin’s recent retreat from near $60,000 is worrisome and resembles last week’s pattern, which preceded a drop.

Using the Elliott Wave theory, Bluntz predicts Bitcoin may decline below $53,000 after completing a corrective three-wave pattern.

Bluntz is also bearish on Ethereum (ETH), forecasting it might dip below the $2,800 support level that has held for over five months. He anticipates a potential sell-off before any recovery, particularly in light of the anticipated approval of spot Ethereum ETFs in the US.

Bluntz remarked that while many expect spot Ethereum ETFs to be highly bullish, the initial reaction might be a price drop before a significant recovery.

At the time of writing, Bitcoin is priced at $57,160 after a 1.9% decline in the past 24 hours..