A crypto strategist known for achieving the “Master Trader” rank on digital asset exchange Bybit believes Bitcoin (BTC) is paving the way for a renewed bull market.
In a new video, pseudonymous analyst Bluntz tells his 288,200 followers on the social media platform
According to Bluntz, Bitcoin appears to be forming a series of 1-2 Elliott Wave structures, indicating that BTC is preparing for an explosive upward move.
“If we can see these wave twos, [they’re] it’s getting shallower and shallower as it prepares for an upward breakout like a monstrous wave three, and that’s what I expect.
We can see that it makes sense that this ABC wave two is getting shallower and shallower. The first [at $52,000] hit the 0.768 Fib (Fibonacci level), the second [at $59,600] barely reached 0.50 Fib and now we can see the third [at $65,300] only hits the 0.382 Fib.
That is a sign of a strong market.”
The analyst applies Elliott Wave theory, a technical analysis approach that attempts to predict future price action by monitoring the psychology of the crowd, which often manifests itself in waves. According to the theory, a bullish asset often witnesses a wave of five waves, with wave two being a corrective period and wave three representing the strongest upward movement.
Bluntz says that as long as Bitcoin remains above $65,300, he expects BTC to consolidate below $68,000 for some time before a strong wave three rally.
At the time of writing, Bitcoin is trading at $66,979.
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