A trader who nailed the Bitcoin market top earlier this year believes BTC will witness a period of falling prices in the coming months.
Pseudonymous analyst Bluntz tells his 318,000 followers on the social media platform X that he thinks Bitcoin is already in a bear market that will last about two years.
The trader shares a chart suggesting that he arrived at that time frame by measuring the length of the most recent Bitcoin bull market, which he says lasted from December 2022 to January 2025.
“Time-wise will probably last into 2027 in my opinion, give or take 25%.”
Source: Bluntz/X
He also predicts that during the period of a sustained downtrend, Bitcoin may lose up to 55% of its current value before hitting a bear market bottom.
When asked about his downside price target for BTC, Bluntz replied,
“$36,000.”
At time of writing, Bitcoin is trading for $80,296.
While Bluntz is bearish on Bitcoin, he says one precious metal is about to start a bull run. Looking at the two-week chart of gold versus silver (XAUUSD/XAGUSD), the analyst thinks the pair has printed a major lower high after completing an ABC rally.
“Time to pay attention to silver, in my opinion… Finally.”
Source: Bluntz/X
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave downtrend after concluding an ABC rally. A bearish gold-versus-silver chart suggests that silver is about to outperform gold.
Last week, gold printed a fresh all-time high at $3,167 per ounce.
At time of writing, silver is trading for $30 per ounce.
Generated Image: DALLE3
