Analyst Issues Bitcoin Warning, Says Crypto Could Face ‘Soul Crushing’ Plunge – Here’s Why
A widely followed crypto trader just issued a warning to Bitcoin (BTC) bulls as the flagship crypto asset remains below a key resistance level.
Pseudonymous analyst Bluntz tells his 224,000 followers on the social media platform X that Bitcoin could undergo a steep correction in a similar manner to four years ago when BTC pulled back by over 80% from its 2017 high.
“The longer we stay down here on BTC without bouncing the more and more I feel like we might be due for a soul-crushing macro pullback similar to 2019.
It’s clear momentum is waning here and it’s remaining harder and harder to stay bullish.”
According to the pseudonymous analyst, Bitcoin could rally first before correcting steeply.
“Definitely would not be surprised to see us take out those $30,200 highs first though, seems more logical than any breakdown from here.”
Bitcoin is trading at $29,124 at time of writing.
Bluntz also singles out two altcoins, VeChain (VET) and Hedera (HBAR), that show potential for an upside move if BTC plays ball.
“Bunch of random coins that I thought were dead starting to look good here.
VeChain looking close and Hedera coming in hot with a solid breakout.”
The decentralized enterprise blockchain VeChain is trading at $0.0172 at time of writing. The native token of distributed ledger Hedera is trading at $0.0619 at time of writing.
On blockchain indexing protocol The Graph (GRT), the analyst says,
“GRT is putting in some work here, close to a solid breakout. If only it had better liquidity. I guess I’m stuck with a spot bag for now.”
The Graph is trading at $0.101 at time of writing.
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