Cryptocurrency analyst and account Bluntz (@SmartContractor) predicted that Bitcoin would be range-bound and range-bound in a range-bound environment for another 12 months — but his predictions have so far been right.
He posted the following tweet on August 29, and six weeks after that tweet, bitcoin is still trading flat between around $17,500, the 2022 annual low, and a high around $25,000.
Bluntz bitcoin price prediction
Bluntz Maximum Pain Scenario for Bitcoin will continue and extend until the end of 2023 – Bluntz noted a possible 392-day trading range on the Bitcoin price chart.
“Max pain” is a term that refers to options trading and is also used as a slang term for all types of cryptocurrency trading.
On Investopedia “The price at which a stock (or digital currency) causes financial losses for the largest number of option holders, putting them at risk of losing value and being written off..”
Some believe it may also take time for it to rise and see a bullish catalyst for BTC’s price, with the next Bitcoin fork approaching, which is scheduled to take place in 527 days until March 2024.
Bluntz’s Bitcoin price forecast allows for a “surrender sprinkling” – fresh lows below $17,500 are reached as some BTC holders get upset and sell their positions (finding them too painful) and long positions are terminated or liquidated.
It also expects to break the current high range of $25,000 ($25,211 to USDT from Binance).
However, both bulls and bears will be disappointed – as the most optimistic price targets are not expected to be met either way, up or down, say $28,000 to the upside or $12,000 to the downside.
Bluntz has 211,000 followers and is considered one of the top cryptocurrency analysts to follow on Twitter. His pinned tweet This is one of the most popular Bitcoin price predictions among traders – predicting a bottom in 2018.
Where he predicted, six months before the currency bottomed out, the bottom of the bear market would be “$3,200, plus or minus $200, and in December of that year, Bitcoin fell to $3,156.
Bitcoin alternatives
One option for investors who don’t want to be locked in for another 12-18 months until the current horizontal range rises is to invest in a new token presale.
We recently reviewed the IMPT token, which is currently in the first stage of the presale and has raised nearly $3 million.