- Analyst Bluntz predicts a significant upward move for Ethereum after an extended period of accumulation, describing it as an “inevitable rage pump.”
- Ethereum has seen a 93% increase in value against the US dollar for the year but a 23% decrease against Bitcoin.
A prominent figure in the cryptocurrency community, known as Bluntz, has recently made an audacious prediction regarding Ethereum’s future trajectory. Bluntz believes that Ethereum is on the brink of a substantial upward surge after breaking free from an extended period of accumulation. This anticipated rally termed an “inevitable rage pump,” is poised to catch many traders off guard, especially those closely monitoring Ethereum’s performance relative to Bitcoin (ETH/BTC).
Currently, Ethereum’s value against the US dollar stands at approximately $2,373, marking a remarkable 93% increase for the year. However, its performance against Bitcoin has taken a different course, experiencing a 23% decrease over the same period. This discrepancy underscores the unique dynamics shaping Ethereum’s market behaviour.
In contrast, Bitcoin, the flagship cryptocurrency, continues to display robust momentum. Following its recent rally from around the $36,000 level, Bluntz foresees Bitcoin’s upward trajectory persisting, defying expectations of a significant correction. This perspective contradicts the cautious approach of many traders who are bracing themselves for a potential 10-15% pullback.
Sui: The Rising Altcoin in Focus
Bluntz’s analysis is rooted in the Elliott Wave theory, a method that predicts price movements based on crowd psychology patterns. According to this framework, a bullish asset typically undergoes a five-wave rally. Applying this theory, Bluntz envisions that Bitcoin could reach as high as $53,000 before concluding its current bullish wave. Presently, Bitcoin is valued at approximately $43,435.
The analysis also extends its focus to include Sui (SUI), a relatively new layer-1 smart contract blockchain. Bluntz suggests that Sui may be on the cusp of exiting its accumulation phase, hinting at the onset of a potential markup phase. After an initial listing pump and an ensuing 80% decline, Sui has demonstrated signs of robust accumulation, positioning itself for a potential breakout. At present, Sui’s trading value hovers around $0.681, slightly above the predicted accumulation range.
The cryptocurrency market is characterized by dynamic shifts, with Ethereum and Bitcoin primed for substantial gains, and emerging altcoins like Sui showing promise. As always, investors and enthusiasts should closely monitor these developments, bearing in mind the inherent volatility of the cryptocurrency market.
