Bitcoin: Forecasts point to further downturn, while analysts offer mixed opinions

Bitcoin: Forecasts point to further downturn, while analysts offer mixed opinions

Leading cryptocurrency expert and pseudonymous analyst Bluntz recently made a forecast for the future price trend of Bitcoin (BTC). Bluntz, who previously predicted the bottom of the bear market in 2018, states that BTC could be heading for a deeper downturn.

Bluntz's analysis is based on BTC price action on the four-hour chart and suggests a loss of momentum. This could lead to an ABC correction that could push Bitcoin price below $28,000. In a tweet, Bluntz explained: "A wild 4-hour move is forming here in BTC. I'm updating my view a bit and now expect a deeper decline, a little further than just a simple $29,000 sweep, and am thinking more of (a move) into the $27,000 zone now."

If Bluntz's prediction is correct, he expects a sudden reversal once Bitcoin reaches its downside target. According to its chart, this reversal could trigger a rally that could push Bitcoin price above the $31,500 resistance level and potentially reach a value of around $33,800.

Another crypto analyst named Inmortal agrees with Bluntz's assessment and predicts that BTC will briefly break the psychological support of $30,000 before turning bullish again. Inmortal believes that this drop below support is most likely a bear trap and Bitcoin will quickly reverse course and rise towards $32,000. In a tweet, Inmortal outlined the possible scenario, saying: "A crash early in the week to break support. People are going short."

On the other hand, crypto strategist Rekt Capital takes a more optimistic view and believes that Bitcoin's current consolidation is just another phase of re-accumulation. Rekt Capital is patient and explains: “If we are patient, we may see that BTC is in a different reaccumulation structure, and it is only a matter of time.”

These different analyst viewpoints highlight the inherent uncertainty in predicting Bitcoin’s short-term price movements. The cryptocurrency market is known for its volatility and even experienced analysts can have different opinions. Investors and traders should approach these predictions with caution and conduct thorough research before making investment decisions.

In summary, the Bitcoin market is currently under observation as analysts make their predictions. Bluntz predicts a sharper decline, while Inmortal expects a short decline followed by a recovery. Rekt Capital believes that Bitcoin's consolidation phase could ultimately lead to an upward move. As always, investors should exercise caution and conduct thorough research before making investment decisions in the volatile cryptocurrency market.