A top trader who accurately called the 2018 bear market bottom for Bitcoin (BTC) believes that the crypto king has officially entered bull territory.
Pseudonymous analyst Bluntz tells his 225,000 followers on the social media platform X that Bitcoin’s recent rally has invalidated his bearish view that BTC could drop below $24,000 before reversing its downtrend.
According to Bluntz, Bitcoin’s move above $27,000 indicates that BTC is now in a bull market.
“BTC breaking higher, invalidating this triangle structure. I think it’s time to get rid of any [bearish] bias.”
At time of writing, Bitcoin is trading for $27,487.
The crypto strategist is also keeping a close watch on Ethereum (ETH) rival Avalanche (AVAX). According to Bluntz, AVAX may be in a position to ignite rallies after printing a bullish market structure and losing over 50% of its value this year.
“Beautiful AVAX weekly forming, swept a major lows, and now putting in a weekly engulfing, not to mention it has been absolutely decimated this year.
I think this can move significantly higher.”
At time of writing, AVAX is worth $9.31.
Bluntz also says that many crypto assets printed a bullish engulfing candle last week. Traders keep an eye on a bullish engulfing candle as it may suggest that an asset is gearing up to reverse its downtrend.
Says Bluntz,
“Some solid weekly engulfings forming across the board, looking very promising so far…”
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