A widely followed crypto trader who accurately predicted the bottom for Bitcoin (BTC) in 2018 believes that one altcoin is on the verge of a massive move to the upside.
“Perfect retest on LDO and nice three-wave move from the highs. This one is gonna send so hard when BTC catches a bid again.”
Bluntz utilizes the Elliott Wave theory in his technical analysis. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while the correction happens in a three-wave pattern.
The trader turned bullish on LDO earlier this month.
Lido is trading for $2.44 at time of writing, up 2.5% in the last 24 hours.
The trader also says that he is optimistic about the broader crypto market after a decline in the US dollar index (DXY), which keeps track of the USD’s value compared to a basket of foreign currencies. A weaker dollar often suggests strength in risk assets like Bitcoin.
“DXY got slaughtered today. Would say I’m surprised, but I’m not really. [DXY is] going much lower. Don’t underestimate how GOOD this is for crypto.”
Earlier this month, the trader said the DXY appeared to have reached a market top and predicted the DXY would decline to 98 by May 2024, giving a boost to risk assets like Bitcoin. The DXY is at 104.38 at time of writing.
“DXY showing signs of distribution here while equities look like they may have finally found a bottom and crypto is almost certainly risk on again. If DXY has topped like I suspect and starts trading back under the range and below 105, the next six months will be great for risk assets.”