Trader Unveils Massive Downside Target for Bitcoin, Calls for Multi-Month BTC Bear Market – Here’s His Outlook
A dealer who nailed the Bitcoin market prime earlier this yr believes BTC will witness a interval of falling costs within the coming months.
Pseudonymous analyst Bluntz tells his 318,000 followers on the social media platform X that he thinks Bitcoin is already in a bear market that can final about two years.
The dealer shares a chart suggesting that he arrived at the moment body by measuring the size of the newest Bitcoin bull market, which he says lasted from December 2022 to January 2025.
“Time-wise will most likely final into 2027 in my view, give or take 25%.”
He additionally predicts that through the interval of a sustained downtrend, Bitcoin could lose as much as 55% of its present worth earlier than hitting a bear market backside.
When requested about his draw back value goal for BTC, Bluntz replied,
“$36,000.”
At time of writing, Bitcoin is buying and selling for $80,296.
Whereas Bluntz is bearish on Bitcoin, he says one treasured steel is about to start out a bull run. Wanting on the two-week chart of gold versus silver (XAUUSD/XAGUSD), the analyst thinks the pair has printed a serious decrease excessive after finishing an ABC rally.
“Time to concentrate to silver, in my view… Lastly.”
Bluntz practices the Elliott Wave concept, which states {that a} bullish asset tends to witness a five-wave downtrend after concluding an ABC rally. A bearish gold-versus-silver chart means that silver is about to outperform gold.
Final week, gold printed a recent all-time excessive at $3,167 per ounce.
At time of writing, silver is buying and selling for $30 per ounce.
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