A widely followed crypto trader predicts that Bitcoin (BTC) will suddenly rise in price and hit a new all-time high, while many are on the sidelines.
Pseudonymous analyst Bluntz tells According to its 226,800 followers on social media platform
Bluntz is a practitioner of the Elliot Wave theory, which attempts to predict price movements based on crowd psychology, which often manifests itself in waves. The trader says he believes Bitcoin is likely in the third phase of a five-wave pattern to the upside.
“I believe with all my heart that BTC is now likely in macro wave three and many are unprepared for how hard and fast this will go with minimal pullback compared to what they expect based on the pullback we experienced during the first parts of this year.
Those multi-month dips of 30% have disappeared. I think we will have a 20% dip along the way, but they will happen and recover MUCH faster in the future.”
Based on his chart, Bluntz seems to suggest that Bitcoin will reach new highs in mid-to-late 2024, with the fifth wave of the momentum pushing BTC through the $76,000 level.
Bitcoin is trading at $34,695 at the time of writing.
The trader also recently said he expects explosive moves to the upside for two altcoins, Ocean Protocol (OCEAN), a digital data-sharing asset with a focus on AI, and decentralized oracle provider Chainlink (LINK).
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Featured image: Shutterstock/Ilya_Levchenko