A prominent cryptocurrency trader has raised concerns about the future of AI-focused altcoins, suggesting that the recent surge in these tokens could be nearing its peak. Here’s what Bluntz, known for his technical analysis, has to say about the fate of AI coins.
Bluntz Predicts a Decline for AI Coins
Bluntz, a trader widely recognized for applying Elliott Wave Theory, has observed short-term bearish signals for several major AI-focused cryptocurrencies. He noted that many of these tokens appear to have completed the fifth and final wave of their upward trend, a key aspect of Elliott Wave Theory. According to this framework, asset prices typically move in five waves, followed by a three-wave corrective phase.
In a recent social media post, Bluntz expressed skepticism about the sustainability of the current hype surrounding AI tokens. He stated, “I believe the AI hype will face some pullbacks in the coming months.” He specifically highlighted two tokens as examples of this market behavior: AIXBT, an AI-driven marketplace token by Virtuals, and Fartcoin, a meme coin leveraging AI for content creation. According to Bluntz, both tokens are nearing the end of their bullish cycles.
AIXBT and Fartcoin in Focus
Initially, Bluntz predicted a more significant correction for AIXBT. However, he has since revised his outlook to include Fartcoin, expecting an even steeper decline for the latter. He attributes this adjustment to the growing number of investors entering the market, potentially increasing volatility. In a post on X (formerly Twitter), Bluntz shared his insights:
Advertisement Banner
“All major AI coins have experienced several macro five-wave rises. $AIXBT and $FART are clear examples. I expect some pullbacks in the AI hype next month.”
What Are AI Coins?
AI coins combine blockchain technology with artificial intelligence to enhance platform efficiency, data analytics, and decision-making. These tokens power AI-driven projects that aim to automate and optimize various industries using advanced algorithms and models. Some of the most popular AI-focused altcoins include NEAR, ICP, RENDER, FET, TAO, and GRT.
The Road Ahead
As traders and investors closely watch the performance of AI coins, Bluntz’s warnings serve as a reminder to exercise caution. While the AI sector remains promising, short-term corrections could pose challenges for overextended tokens.
For more insights and updates on the crypto market, follow The Bit Journal, your trusted source for cryptocurrency news.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to get instant updates on breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
