An analyst who correctly called Bitcoin’s (BTC) 2018 bear market bottom warns that a weak stock market could ignite another sell-off event in crypto.
Pseudonymous analyst Bluntz tells his 224,600 followers on the social media platform X that the S&P 500 appears to be struggling at the 0.618 Fibonacci level after printing a three-wave bounce.
Bluntz makes predictions based on his interpretation of the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following the psychology of market participants, which tends to manifest in waves. According to the theory, a bearish asset tends to witness an ABC bounce before resuming its downtrend.
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The analyst warns that now is not the time to be bullish on either the stock market
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