A trader who accurately predicted the bottom of the 2018 bear market for Bitcoin believes that the cryptocurrency has now entered a bull market. The analyst, known as Bluntz, stated that Bitcoin's recent rally has invalidated his previous bearish view that BTC could drop below $24,000 before reversing its downtrend.
Bluntz also highlighted the potential for Ethereum rival Avalanche (AVAX) to ignite rallies after printing a bullish market structure and losing over 50% of its value this year. The trader also noted that many crypto assets printed a bullish engulfing candle last week, suggesting that they may be gearing up to reverse their downtrend.