The reasons for the likely imminent collapse of the cryptocurrency market

A cryptocurrency analyst known as Bluntz, who predicted a bearish trend for bitcoin in 2018, has once again spoken about the possible fall of the first cryptocurrency and altcoins.

In his profile on the X platform, the trader noted that the total capitalization of the cryptocurrency market could drop by 15% before a large-scale growth.

«If you look at the total market capitalization, it gives a much clearer picture of what is happening in the industry — much clearer than watching only the behavior of bitcoin or ether. Judging by this indicator, I think we should update the June lows. However, this is likely to be the last good opportunity to buy bitcoin in the coming years,» the analyst wrote.

If the trader is right, the cryptocurrency market’s capitalization will drop to $ 880 billion from the current level of $ 1.03 trillion. Bluntz draws his conclusions based on the Elliot Wave Theory, a complex technical analysis of asset behavior that takes into account crowd psychology.

As of this moment, the flagship cryptocurrency BTC $61,986.03 Bitcoin -0.16% Market capitalization $1.23 trillion VOL. 24 hours $0.49 billion is trading at $ 26,061, down almost 0.01% per day. The market capitalization of the asset was fixed at $ 507.3 billion, and traders made daily trading deals worth $ 15.8 billion. BTC’s market share is 48.3%.

As for the leading altcoin ETH $2,418.30 Bridged Ether (StarkGate) -0.08% Market capitalization $0.18 billion VOL. 24 hours $0.25 billion , at the time of writing, ethereum has lost 1.2% of its value and is trading at $ 1,645. The total supply of coins on the market amounted to $ 197.7 billion, and daily trading transactions amounted to $ 8.1 billion.