A popular cryptocurrency analyst under the pseudonym Bluntz believes that the current behavior of the ETH and BTC rates indicates the imminent large-scale growth of the cryptocurrency market.
Blutz builds his opinion on the confident rebound of the Ethereum chart from the 0.618 Fibonacci level. The situation is similar with bitcoin, where there is a “constructive market reaction”:
“Great bounce from 0.618 in ETH, looks like it will go to $1,400 or even higher. I can definitely say that the volatility is decreasing – it takes several days of consolidation for a powerful rebound from this level. The bitcoin chart every day looks like an increasingly powerful accumulation of coins. I don’t know yet, $19,000 is a long-term or medium-term market bottom, but BTC will skyrocket to at least $24,000,” the analyst wrote on Twitter.
Earlier, Glassnode stated that now the cryptocurrency market has practically got rid of margin traders and “tourists”. Only the Hodlers remained. A similar opinion is shared by a team of analysts at JPMorgan, however, they believe that the crypto market may still decline in the short term.
Source: Bits
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