A crypto strategist known for calling Bitcoin bottoms believes BTC is poised to unleash rallies on its way to new all-time highs.
Pseudonymous analyst Bluntz tells his 264,900 followers on social media platform
Bluntz applies Elliott Wave theory, which states that an asset tends to witness a five-wave impulsive surge after completing a three-wave ABC correction.
Says the analyst,
“Okay, this price action is now starting to look like accumulation.
If BTC raises $60,000 again, I think it’s off to the races and maybe a new momentum has started.”
Looking at the trader’s chart, he seems to suggest that Bitcoin will rise to a new all-time high of around $80,000.
At the time of writing, Bitcoin is trading at $62,954, up over 4% from the past day.
The analyst also says that Bitcoin is showing a bullish divergence on the daily chart.
A bullish divergence is often seen as a reversal signal because it indicates that an asset is gaining momentum even if the price is falling or trading sideways.
Says Bluntz,
“Surprised, I haven’t seen many people talking about BTC’s daily bulldiv.
Trust has really been damaged.”
From a longer-term perspective, Bluntz thinks the bull market will last until early 2025.
“A lot of ‘Is the cycle over?’ questions that have arisen lately.
I don’t think it’s over yet. In my opinion this should last until early 2025.”
Based on the trader’s chart, he seems to suggest that BTC is about to embark on its fifth and final major wave of the cycle towards $100,000.
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Generated image: DALLE3