A trader who snapped the lowest price of the Bitcoin (BTC) bear market of 2018 says the crypto king is preparing to pull out this year’s highs.
In a new video, pseudonymous analyst Bluntz tells According to his 224,500 followers on social media platform X, BTC is likely to witness more corrective action before regaining its bullish momentum.
Bluntz uses the Elliott Wave Theory in his analysis, a technical analysis approach that attempts to predict future price action by tracking the psychology of the crowd, which often manifests itself in waves. According to the theory, a five-wave rally is typically followed by an ABC pattern, where the asset gives away some of its gains before making another move to the upside.
According to the crypto strategist, BTC has already completed a five-wave move upward from around $16,000 to $32,000 and is now in the midst of an ABC correction that will see Bitcoin plummet all the way to the $23,000 price level.
The analyst says that BTC is currently in the early stages of the C-wave, expecting Bitcoin to make a five-wave correction on its way to its downside target.
Once the ABC correction is over, Bluntz expects BTC to resume its uptrend.
“Once we see this final fifth wave and all of its subdivisions within this final fifth wave complete, I think that’s probably the point [where] we start with base and find a low and then move up to new highs and take out these $32,000 highs.
There’s still a little time left. It will probably take another month or so for it to unfold.”
At the time of writing, Bitcoin is worth $25,763.
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Generated image: Midjourney
