The post Bitcoin Headed Lower Amid ‘Concerning’ Chart Signals, According to Crypto Analyst – Here Are His Targets appeared on BitcoinEthereumNews.com.

A widely followed cryptocurrency analyst and trader is leaning bearish on Bitcoin (BTC) over the short term. The analyst pseudonymously known as Bluntz tells his 307,000 followers on the social media platform X that Bitcoin’s price action is “concerning” amid the flagship crypto asset failing to hold above the $100,000 level. According to the pseudonymous analyst, Bitcoin is likely to head lower before appreciating to a new all-time high over the next couple of weeks. Based on Bluntz’s chart, Bitcoin could fall to a key support level before rising in a series of waves to reach a new all-time high. “For anyone curious, this is how I think the next few weeks [will] play out for BTC.” Source: Bluntz/X Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally after going through an ABC correction. Looking at the trader’s chart, he seems to suggest that BTC will drop to $90,000 to complete an ABC corrective wave before igniting a five-wave surge above $115,000. Bitcoin is trading at $95,325 at time of writing, down by around 8% from the 2025 high of around $102,700 reached on January 7th. Also holding a short-term bearish view of Bitcoin is the pseudonymous analyst Rekt Capital. The pseudonymous analyst tells his 528,400 followers on the social media platform X that Bitcoin could trade in a range of between a high of $101,165 and a low of $91,000. According to Rekt Capital, the Bitcoin bull market still has more months to go before the trend shifts in favor of BTC bears. “2025 will likely see the BTC bull market peak and the beginnings of a brand new bear market. The majority of the bear market will take place however in 2026. The bear market would last some 365+…

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Filed under: News - @ January 9, 2025 10:18 am