• Popular crypto analyst Bluntz is expecting a Bitcoin (BTC) bounce. He believes the swing failure patterns (SFPS) are forming on the daily chart of BTC and other top crypto assets in a downtrend, indicating reversal to the upside.
• Bluntz also sees more upside potential for Litecoin (LTC) leading up to its third halving event based on historical precedence.
• Bitcoin is currently trading at $27,410 while Litecoin is trading at $93.09 at time of writing.
Crypto Analyst Predicts Bitcoin Bounce
A popular analyst and trader is expressing bullish sentiment on the flagship cryptocurrency, Bitcoin (BTC). Pseudonymous analyst Bluntz tells his 222,900 Twitter followers that swing failure patterns (SFPS) are forming on the daily chart of BTC and other top crypto assets in a downtrend, suggesting reversal to the upside. According to Bluntz, Bitcoin now looks set to rise after overcoming key resistance levels.
Current Price Action
Bitcoin is trading at $27,410 at time of writing, up by about 6% from the May low of $25,811 reached last weekend. Turning to Litecoin (LTC) which is approaching its third halving event, the pseudonymous trader says that the 12th-largest crypto asset by market cap has more upside potential based on historical precedence. Litecoin is trading at $93.09 at time of writing, up by a little over 15% over the past seven days.
Halving Event Precedence
The pseudonymous trader suggests there could be a solid month – 40 days left of upside for LTC based on previous halvings data sets before its third halving event happening soon.
Warning against Shorting
Bluntz warns that now’s not the time to be shorting as he expects BTC to bounce soon due to forming swing failure patterns in a downtrend suggesting an upturn reversal will occur shortly if it can overcome key resistance levels being faced right now.
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