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<p>The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/expert-predicts-bitcoin-and-ethereums-downfall-despite-positive-market-sentiment/">Expert Warns of Further Downside for Bitcoin (BTC) and Ethereum (ETH)</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a notable turnaround, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC)</a> has shattered its downward trajectory, soaring beyond the $27,000 milestone. It was an impressive comeback after two weeks which can be attributed to a legal victory for <a href="https://coinpedia.org/news/bitcoin-spot-etf-approval-still-uncertain-despite-grayscale-ruling/">Grayscale</a> in the United States. </p> 
<p>Could the recent price surge in Bitcoin and Ethereum be a temporary rebound, and is there a possibility of further downside? Let’s hear it from analyst Bluntz.</p> 
<h2 id="should-you-beware-of-a-bull-trap" data-name="should-you-beware-of-a-bull-trap" class="wp-block-heading">Should You Beware of A Bull Trap?</h2> 
<p>An analyst renowned for accurately predicting the low point of Bitcoin’s 2018 bear market has now signaled the onset of another cryptocurrency downturn.</p> 
<p>Although both Bitcoin and <a href="https://coinpedia.org/information/market-price-prediction-ethereum-2019/">Ethereum</a> have each gained over 5% in value, pseudonymous analyst Bluntz asserts that these leading crypto assets, with the highest market capitalization, still possess untapped potential for decline. This indicates a shift in favor of bears over bulls.</p> 
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   <p lang="en" dir="ltr">im still not 100% sold on this move up being a low on btc or eth.<br><br>i still think one mor eleg down needs to happen to complete a (5) of C for btc and eth before ill be happy to call bottoms.<br><br>invalidation of this thesis is if we break 1804 for <a href="https://twitter.com/search?q=%24eth&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$eth</a> or 28770 for <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw">#btc</a> as w4s cant… <a href="https://t.co/kByx1hFojO">pic.twitter.com/kByx1hFojO</a></p>— Bluntz (@Bluntz_Capital) <a href="https://twitter.com/Bluntz_Capital/status/1696627846293397770?ref_src=twsrc%5Etfw">August 29, 2023</a>
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<p>The analyst foresees a clear bottom for BTC and ETH as per the current shift which shows a downward signal. Over this, a lingering conviction persisted that an additional downward movement might be necessary. Expectedly from here onwards, the completion of a final downward wave, specifically the fifth wave of C, appeared to be a prerequisite in both BTC and ETH before they are declared as bottomout.&nbsp;</p> 
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 <p><strong><em>“He still thinks one more leg down needs to happen to complete a (5) of C for BTC and ETH before he will be happy to call bottoms.”</em></strong></p> 
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<h2 id="the-future-belongs-to-the-bears" data-name="the-future-belongs-to-the-bears" class="wp-block-heading">The Future Belongs to the Bears</h2> 
<p>Drawing upon the Elliott Wave theory for his technical analysis, Bluntz employs a chart to illustrate his predictions regarding the potential trajectory of Ethereum. The chart showcases Bluntz’s perspective that ETH is nearing the conclusion of a comprehensive five-wave pattern (labeled as 1, 2, 3, 4, 5) with a targeted price of $1,450. This chart further reveals the existence of a five-wave pattern nested within a larger three-wave pattern (designated as A, B, C), all of which conform to the overarching downward trend.</p> 
<p>Read More: <a href="https://coinpedia.org/bitcoin/bitcoin-price-prediction-for-september-2023-bullish-or-bearish-what-to-expect/">Bitcoin (BTC) Price Prediction for September 2023: Bullish or Bearish?</a></p> 
<p>Talking about invalidation of his bearish forecast for both Bitcoin and Ethereum, Bluntz said, that if there were a breach of $1,804 for ETH or $28,770 for BTC, the arguments would lose validity. This is due to the principle that wave 4 is not permitted to extend into the territory of wave 1.&nbsp;</p>

Expert Warns of Further Downside for Bitcoin (BTC) and Ethereum (ETH)

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