Crypto Strategist Warns of Potential End to Bitcoin Recovery Rally
A renowned crypto strategist who accurately predicted the Bitcoin top in January is now sounding the alarm on the potential end of BTC’s recovery rally.
Bearish Divergence Signals Trouble for Bitcoin
The pseudonymous analyst known as Bluntz, with a substantial following on X, has identified a bearish divergence formation on Bitcoin’s daily chart. This bearish reversal signal indicates that despite the price of an asset moving higher or sideways, the bullish momentum is weakening.
Bluntz shared his concerns with his followers, stating, “There’s a daily BTC bear div brewing here if it closes red by [today]. It’s unfortunate that it has appeared before fresh all-time highs, but it’s the first one since last year. Be careful with longs in my opinion.”
At the time of writing, Bitcoin is currently trading at $105,546.
Gold Poised for All-Time High Rally
Bluntz also shared his insights on gold, suggesting that the precious metal is on the brink of igniting a rally towards a new all-time high after completing an ABC corrective wave. By applying the Elliott Wave theory, which predicts a bullish asset will resume its uptrend after an ABC correction, Bluntz anticipates gold to reach a new record high of $3,600.
Currently, the price of gold stands at $3,221.
Forecast for Memecoin Floki
When it comes to the memecoin Floki (FLOKI), Bluntz predicts a temporary dip to around $0.00008 before a potential surge to $0.00018. He notes, “Looks like FLOKI is one of the few memes with a clear impulse five-wave rise from the lows on the daily, indicating the low is in. Would be very interested in bidding pullbacks around the 50 fib if given. Have always had a soft spot for this one.”
As of now, FLOKI is valued at $0.000098.
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