A crypto strategist known for his market bottoms believes Bitcoin (BTC) is preparing for a major breakout and rally to new all-time highs.
In a new video update, pseudonymous analyst Bluntz tells his 271,900 followers on social media platform
Bluntz applies the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally, with waves one, three and five representing impulsive moves upward and waves two and four serving as correction periods .
Says Bluntz,
“The weekly closing was absolutely fantastic… This weekly candle closing is back in the range. I think all signs point to a surge to record highs and a fifth macro wave higher…
Time-wise, wave two and wave four are equal in time, and that’s what we want to see: 154 days for wave two and we had 147 days for wave four. So very, very similar in time.”
According to the trader, his Bitcoin wave count looks good, based on the idea that higher time frame charts often flash reliable signals.
“We had an almost perfect one-to-one extension of time for how long wave two lasted and how long wave four lasted. And between these two waves we have what we can see here as an extremely visible, bright wave three, which is the longest.
So if you look at this in the high time frames, which are always the most reliable time frames, weekly and higher very rarely give off false signals.
I think all signs point to a wave five on its way.”
The analyst says Bitcoin’s wave-five could end between $85,000 and $100,00 based on conservative measures. But Bitcoin could rise as high as $115,000 in an extended fifth wave rally.
At the time of writing, Bitcoin is worth $63,081, down more than 1% on the day itself.
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