A renowned crypto analyst is forecasting a decline in Bitcoin’s price in the near future.
The anonymous analyst, Bluntz, recently suggested that Bitcoin is already entering a bear market which he believes will persist for up to two years. Bluntz reached this conclusion by analyzing the duration of the recent bull market, which he estimates spanned from December 2022 to January 2025. He expects this bear market to last until around 2027, with some variability depending on market conditions.
According to Bluntz, Bitcoin could lose as much as 55% of its current value during this period of decline, with a target price of $36,000. At the time of his post, Bitcoin was trading at approximately $76,600.
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While bearish on Bitcoin, Bluntz sees an opportunity in the precious metals market, particularly silver. He points out that the gold-to-silver chart suggests silver may soon enter a bull market. After an ABC correction, Bluntz believes silver is positioned to outperform gold in the coming months. Bluntz follows the principles of Elliott Wave theory, which posits that after a market rally ends with an ABC pattern, a correction or downtrend typically follows. Based on this, he suggests that silver could be on the verge of a significant upward move, while gold might lag behind.
Alexander Stefanov
