While remaining extremely bullish long-term, crypto analyst Bluntz believes Bitcoin may soon see a brief 20% pullback amidst its parabolic uptrend.
In a recent tweet, Bluntz explained that he thinks Bitcoin has entered the third macro wave of its current bull market. Historically, wave 3 has seen accelerating momentum with shallower pullbacks compared to earlier cycles.
However, Bluntz noted many traders are still expecting pullbacks on the scale of 30% corrections seen earlier this year during the first and second macro waves.
Based on momentum indicators and historical patterns, he anticipates the next pullback will likely be around 20%, given the strong upward trajectory powering this phase of the bull run.
Moreover, Bluntz predicts that any dip that does materialize will recover much faster than previous corrections.
The analysis underscores how traders must adapt their strategies and assumptions throughout various stages of Bitcoin’s four-year boom-bust cycle. What may happen early on does not necessarily apply later into an advancing bull market.
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If Bluntz’s forecast is accurate, Bitcoin investors should prepare for briefer, shallower pullbacks going forward rather than relying on extensive downside to buy dips.
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