Benzinga - A renowned trader, known by the pseudonym Bluntz, who accurately predicted Bitcoin's (CRYPTO: BTC) bear market bottom in 2018, provided new insights into how the entire cryptocurrency market might establish a price floor in the current cycle.
In a tweet, Bluntz emphasized the importance of examining the $TOTAL metric, which represents the total market capitalization of all cryptocurrencies.
According to him, this metric offers a clearer perspective on the market's direction than analyzing Ethereum (CRYPTO: ETH) or Bitcoin individually.
He stated, "Looking at $TOTAL paints the clearest picture of them all, far more than looking at either $eth or #btc on their own imo."
Bluntz further elaborated that based on the $TOTAL metric, the market might revisit the lows observed in June before establishing a firm bottom.
He believed that this potential dip could present "probably the last GOOD buying opp of the next few years."
When queried about the basis for his analysis, Bluntz clarified that his predictions are grounded in the Elliott Wave Model.
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He explained, "Based off simple Elliott wave model, viewing the rise from the lows as an impulsive move and our corrective wave from the highs being around 70%-80% complete."
The Elliott Wave Model, a popular tool among traders, is used to analyze market cycles and forecast future price movements by identifying "waves" or patterns in market prices.
Bluntz's analysis suggested the market is currently in a corrective phase, which is nearing its completion.
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