Bitcoin Price Prediction - Max Pain is Sideways Chop Until 2024 - Bluntz
Crypto analyst Bluntz (@SmartContracter) predicted Bitcoin will trade sideways in a range bound environment for 12 more months - so far, he's been accurate.
He posted the tweet below on August 29th, and six weeks on Bitcoin is still trading sideways between approximately $17,500, the 2022 yearly low, and the range high at around $25,000.
Bluntz' Bitcoin Price Prediction
His max pain scenario for Bitcoin would take until late 2023 to play out - Bluntz marked out a possible 392 day trading range on the Bitcoin price chart.
'Max pain' is a term applied to options trading, and also used colloquially in all types of crypto trading.
It's defined on Investopedia as the 'price at which a stock (or cryptocurrency) would cause financial losses for the largest number of option holders - puts and calls - at expiration'.
With the next Bitcoin halving set to take place around March 2024 - in 527 days - some predict it could also take until then for a significant bullish catalyst for the BTC price to come into play.
Bluntz' Bitcoin price prediction allows for a 'sprinkle of capitulation' - new lows being hit below $17,500 as some BTC holders become frustrated and sell their position (finding it too painful to hold) and longs are stopped out or liquidated.
He also expects the current $25,000 range high to be swept ($25,211 on Binance against USDT).
However both bulls and bears will be disappointed - as he isn't expecting the more optimistic price targets to be hit in either direction, such as $28,000 to the upside or $12,000 to the downside.
Bluntz has 211,000 followers and is widely regarded as one of the best crypto analysts to follow on Twitter. His pinned tweet is one of the most famous Bitcoin price predictions among traders - his prediction of the 2018 bottom.
Six months in advance, he predicted the bear market bottom would be '$3.2k with a $200 leeway either side', and in December of that year Bitcoin bottomed out at $3,156.
One option for investors not wanting to sit on their hands for another 12 - 18 months until the current sideways range resolves to the upside, is to invest in a new token presale.
We recently reviewed IMPT token, which is currently on the first stage of its presale and has raised approximately $3 million.