A widely followed cryptocurrency analyst and trader is leaning bearish on crypto assets.
The analyst and trader pseudonymously known as Bluntz tells his 311,100 followers on the social media platform X that the top could be in for crypto asset prices.
“I think many people are severely underestimating how close we are to topping out if we haven’t already.”
In the case of Bitcoin (BTC), the analyst who regularly applies the Elliott Wave theory in his technical analysis says that the crypto king has nearly completed the last wave of a bullish five-wave rally that started months ago with the implication that the flagship digital asset could be on the verge of a correction.
According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
“From an Elliott Wave theory perspective every single wave within this bull run on BTC can potentially be accounted for now in my opinion.
Every subwave within the fifth wave that started back in August AND five waves from within the cycle bottom lows.”
On what could happen next, the pseudonymous analyst and trader says,
“Can we go higher from here? Sure it’s possible, does this mean you should 100% cash out? Probably not, because you’ll likely just FOMO (Fear Of Missing Out) back in at any sign of strength.
As I said yesterday though, at least taking some chips off the table would be wise.”
Bitcoin is trading at $105,310 at time of writing.
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