Cryptocurrency enthusiasts received a boost of optimism with the latest prediction from well-known analyst Bluntz. Renowned for accurately predicting Bitcoin’s bottom in 2018, Bluntz, who has expertise in interpreting charts and investor psychology, shared a positive outlook for Ethereum (ETH) and Solana (SOL).
Bluntz, who communicates with over 200 followers on a popular social media platform under a pseudonym, highlighted that Ethereum, the second-largest cryptocurrency by market capitalization, seems to have concluded its recent corrective cycle based on short-term trading chart analysis. By utilizing the Elliott Wave theory, which identifies price movements through investor behavior, Bluntz observed a bullish divergence on the 30-minute chart, a technical signal that typically precedes upward movements.
According to Bluntz’s forecast, Ethereum, which plays a crucial role as a leading smart contract platform, may surpass the $1,880 mark. At the time of analysis, ETH was already valued at $1,850, and Bluntz’s scenario suggests that the coin could potentially reach above $1,900 in the near future.
In regards to Solana, a cryptocurrency that has gained attention due to its impressive performance and a 338% appreciation this year, Bluntz sees even more potential. The analyst emphasized a three-wave retracement within a strong uptrend, indicating a trajectory that could propel SOL beyond $50. This analysis presents a window of opportunity for investors and enthusiasts who have witnessed the robust growth of Solana.
Bluntz’s analysis extends beyond cryptocurrencies and also includes the US dollar index (DXY), which reflects the dollar’s value against a basket of foreign currencies. Fluctuations in this metric often influence risky assets like cryptocurrencies. With the DXY trading at 105.069 points, Bluntz anticipates a significant correction, which historically has been favorable for the crypto market.
In summary, Bluntz’s insights into the cryptocurrency market and the US dollar index offer a hopeful outlook for venture capitalists. The technical analysis suggests upward movements for Ethereum and Solana, coupled with a potential correction in the dollar, creating a favorable scenario for digital asset investments.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.