A widely followed cryptocurrency analyst and trader believes that Bitcoin (BTC) still has more upside potential.
The analyst, pseudonymously known as Bluntz tells his 264,700 followers on the social media platform
According to Bluntz, Bitcoin’s bullish cycle “could continue until early 2025.”
Based on the pseudonymous trader’s chart, it appears that Bluntz, who regularly uses Elliott Wave theory in his technical analysis, suggests that Bitcoin recently completed the fourth wave of a five-wave pattern on the weekly time frame.
The analyst’s chart further suggests that Bitcoin could complete the fifth wave of a pattern that began in late 2022 at a price just under $100,000. According to Elliott Wave theory, the main trend of an asset’s price moves in a five-wave pattern, while a correction occurs in a three-wave pattern.
Bitcoin is trading at $58,665 at the time of writing.
So does the pseudonymous analyst say that Bitcoin is issuing a bullish divergence signal on the daily time frame. A bullish divergence typically occurs when the price of an asset is trending down while an oscillator indicator such as the Relative Strength Index (RSI) is trending up. Bullish divergences are typically reversal signals from a falling market to a rising market.
“Surprised, I haven’t seen many people talking about BTC’s daily bull divergence. Trust has really been damaged.”
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Generated image: Midjourney
