Pseudonymous Analyst Bluntz Warns Crypto Market May Be Nearing a Bull Market Peak

An analyst known for making timely crypto calls is sounding the alarm about the possibility that the asset class may be hovering close to a bull market peak.

Crypto analyst Bluntz is warning his followers that the asset class may be nearing the end of its bull market rally.

The analyst, who has a following of over 309,000 on the social media platform X, says that while some coins are still showing bullish signals, the market as a whole appears to be nearing a cycle top.

Bluntz’s analysis is largely based on Bitcoin (BTC), which the analyst says is in the final stages of a five-wave rally that began in early 2023.

The trader uses the Elliott Wave (EW) theory, which suggests that a bullish asset will complete a five-wave rally before ending an uptrend.

Bluntz says that each wave of BTC’s rally can now be accounted for.

“From an EW perspective, every single wave within this bull run on BTC can potentially be accounted for now, in my opinion. Every sub-wave within the wave that started back in August AND five waves from within the cycle bottom (2022) lows.

Can we go higher from here? Sure it's possible. Does this mean you should 100% cash out? Probably not, because you'll likely just FOMO back in at any sign of strength. As I said yesterday though, at least taking some chips off the table would be wise.”

Bluntz also says that another coin that may have reached its bull market peak is Solana (SOL).

The trader notes that SOL appears to have completed a five-wave rally on the monthly chart, with a bearish reversal signal also forming.

Bluntz adds that on a lower time frame, SOL has also completed a five-wave down from the highs.

“SOL monthly has a clear five-up with a monthly bear divergence brewing. SOL lower time frame has a five down from the highs. Do with this what you will.”

A bearish divergence occurs when an asset’s price trades higher or sideways, while momentum decreases. This usually indicates that an asset is preparing for a downtrend.

At the time of writing, SOL is trading for $234.