The crypto strategist, known for predicting bottoms, believes that altcoin markets are just one correction away from starting a rally.
Blunts, an anonymous analyst, told his 269,600 followers on social media platform X that he was keeping an eye on the TOTAL3 chart, which tracks the total market cap of cryptocurrencies excluding Bitcoin, Ethereum (ETH), and stablecoins.
Blunts said TOTAL3, which is used to measure the performance of altcoins, is likely to decline before regaining bullish momentum.
“TOTAL3 looks amazing structurally, but the 5 wave rally from the low on the 4 hour chart is very evident.
I still think ABC will correct the shock from the low and I don’t see a C wave down yet.
Right now I’m cautious about going to the max length, and I’m sure some good stuff will come out… ”
The analyst practices Elliott Wave Theory, which states that bullish assets tend to rally after completing the ABC decline. Based on the trader’s chart, he seems to predict that TOTAL3 will decline to $530 billion in Wave C and then rally to $620 billion.
At the time of writing, TOTAL3’s trading price was $576.212 billion.
Looking at Bitcoin, the trader believes that BTC will undergo a C-wave correction towards the $55,00 level ahead of a rally near $65,000.
“BTC has moved up significantly from its lows on Friday. However, I think it could drop a bit further and see another drop near $55,000.
I think if you think about it around TOTAL3, it seems pretty clear.”
As of this writing, Bitcoin is worth $60,593, up 3.31% on the day.
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