{"id":29003,"date":"2023-08-31T16:54:56","date_gmt":"2023-08-31T20:54:56","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29003"},"modified":"2023-08-31T16:54:56","modified_gmt":"2023-08-31T20:54:56","slug":"bitcoin-ethereum-show-more-potential-for-downside-despite-recent-bounce-analyst","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/31\/bitcoin-ethereum-show-more-potential-for-downside-despite-recent-bounce-analyst\/","title":{"rendered":"Bitcoin, Ethereum Show More Potential For Downside Despite Recent Bounce \u2013 Analyst"},"content":{"rendered":"

A prominent cryptocurrency analyst, Bluntz, has expressed skepticism about the recent uptrend that increased Bitcoin and Ethereum prices by more than 5%. The pseudonymous analyst told<\/a> his over 224,000 Twitter followers that the flagship crypto assets may face more downturns.\u00a0<\/p>\n

Applying the Elliott Wave theory in his analysis, Bluntz predicted that Ethereum is about to complete a five-wave pattern.\u00a0According to him, Ethereum will decline to $1,450 on completing the wave pattern marked 1, 2, 3, 4, and 5.<\/p>\n

Bitcoin And Ether Could Face More Downturn Before A Bounce<\/h2>\n

In Bluntz\u2019s technical analysis, the five-wave chart pattern exists within a larger three-wave pattern marked A, B, and C. And this three-wave pattern is also on a downtrend. He noted that ETH and BTC must complete this wave pattern before a bullish upturn.<\/p>\n

However, while this analysis projects a bearish trend for ETH and BTC, Bluntz believes there is potential for a bullish breakout.\u00a0He said the theory becomes invalid if ETH breaks above $1,804 or Bitcoin surpasses the $28,770 price level. <\/p>\n

Bluntz noted:<\/p>\n

Invalidation of this thesis is if we break $1,804 for ETH or $28,770 for BTC as wave-4 can\u2019t go within wave-1 territory,<\/p>\n

Bears Intent On More Downturns For ETH And BTC; Any Hope For A Rebound?<\/h2>\n

Meanwhile, Bitcoin and Ethereum are exhibiting a slightly bearish outlook at press time. Bitcoin trades at $27,211, with a nearly 1% decline, while Ethereum price is down by 0.89%, at $1,704. Bitcoin<\/a> had also been under bearish pressure over the past seven days after slipping off the $29,000 support level on August 16.<\/p>\n

As the bears pressed on, the flagship cryptocurrency traded within the $26,000 price level, occasionally regressing to $25,900. The downturn was in tune with the bearish sentiment in the cryptocurrency market over the past few days.<\/p>\n

However, on August 29, the news of the court ruling<\/a> in favor of Grayscale Investment in its case against the US SEC broke out. This news generated a buzz in the crypto market, leading to an uptick in market capitalization.\u00a0<\/p>\n

As a result, Bitcoin recorded a sharp spike that returned its value to the $28,000 price mark. At the time, BTC\u2019s price surged 8%, climbing from a week low of $25,860 to a high of $28,010. But the bulls couldn\u2019t sustain the momentum as Bitcoin quickly regressed, dipping to $27,394.<\/p>\n

Bitcoin now consolidates around the $27,000 price zone, awaiting a bullish turn to trigger a rally.\u00a0<\/p>\n

Ethereum Market Outlook<\/p>\n

Ethereum<\/a> also met a similar fate as Bitcoin, exhibiting the same chart pattern and price movement in the last week. The second-largest cryptocurrency by market cap remained on a bearish trend in line with the broader crypto market. <\/p>\n

Ether\u2019s price slipped off the $1,800 support on August 17, accompanied by a prolonged bearish momentum that pushed it to $1,600.\u00a0<\/p>\n

Just like Bitcoin, Ethereum reacted to the brief market recovery, pushing above $1,740 on August 29. While ETH\u2019s rally has relapsed, it maintains a price level above $1,700, holding over 2% of its past week\u2019s gains. However, ETH\u2019s latest strides suggest the bulls are up for a recovery.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

A prominent cryptocurrency analyst, Bluntz, has expressed skepticism about the recent uptrend that increased Bitcoin and Ethereum prices by more than 5%. The pseudonymous analyst told<\/a> his over 224,000 Twitter followers that the flagship crypto assets may face more downturns.\u00a0<\/p>\n

Applying the Elliott Wave theory in his analysis, Bluntz predicted that Ethereum is about to complete a five-wave pattern.\u00a0According to him, Ethereum will decline to $1,450 on completing the wave pattern marked 1, 2, 3, 4, and 5.<\/p>\n

Bitcoin And Ether Could Face More Downturn Before A Bounce<\/h2>\n

In Bluntz\u2019s technical analysis, the five-wave chart pattern exists within a larger three-wave pattern marked A, B, and C. And this three-wave pattern is also on a downtrend. He noted that ETH and BTC must complete this wave pattern before a bullish upturn.<\/p>\n

However, while this analysis projects a bearish trend for ETH and BTC, Bluntz believes there is potential for a bullish breakout.\u00a0He said the theory becomes invalid if ETH breaks above $1,804 or Bitcoin surpasses the $28,770 price level. <\/p>\n

Bluntz noted:<\/p>\n

Invalidation of this thesis is if we break $1,804 for ETH or $28,770 for BTC as wave-4 can\u2019t go within wave-1 territory,<\/p>\n

Bears Intent On More Downturns For ETH And BTC; Any Hope For A Rebound?<\/h2>\n

Meanwhile, Bitcoin and Ethereum are exhibiting a slightly bearish outlook at press time. Bitcoin trades at $27,211, with a nearly 1% decline, while Ethereum price is down by 0.89%, at $1,704. Bitcoin<\/a> had also been under bearish pressure over the past seven days after slipping off the $29,000 support level on August 16.<\/p>\n

As the bears pressed on, the flagship cryptocurrency traded within the $26,000 price level, occasionally regressing to $25,900. The downturn was in tune with the bearish sentiment in the cryptocurrency market over the past few days.<\/p>\n

However, on August 29, the news of the court ruling<\/a> in favor of Grayscale Investment in its case against the US SEC broke out. This news generated a buzz in the crypto market, leading to an uptick in market capitalization.\u00a0<\/p>\n

As a result, Bitcoin recorded a sharp spike that returned its value to the $28,000 price mark. At the time, BTC\u2019s price surged 8%, climbing from a week low of $25,860 to a high of $28,010. But the bulls couldn\u2019t sustain the momentum as Bitcoin quickly regressed, dipping to $27,394.<\/p>\n

Bitcoin now consolidates around the $27,000 price zone, awaiting a bullish turn to trigger a rally.\u00a0<\/p>\n

Ethereum Market Outlook<\/p>\n

Ethereum<\/a> also met a similar fate as Bitcoin, exhibiting the same chart pattern and price movement in the last week. The second-largest cryptocurrency by market cap remained on a bearish trend in line with the broader crypto market. <\/p>\n

Ether\u2019s price slipped off the $1,800 support on August 17, accompanied by a prolonged bearish momentum that pushed it to $1,600.\u00a0<\/p>\n

Just like Bitcoin, Ethereum reacted to the brief market recovery, pushing above $1,740 on August 29. While ETH\u2019s rally has relapsed, it maintains a price level above $1,700, holding over 2% of its past week\u2019s gains. However, ETH\u2019s latest strides suggest the bulls are up for a recovery.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-29003","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=29003"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29003\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29003"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}