A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom believes the crypto king is poised for a Santa Claus rally.
Pseudonymous analyst Bluntz tells According to its 230,400 followers on the social media platform
According to the crypto strategist, the consolidation period has allowed Bitcoin to build a foundation for a strong rally this month.
“We just had a very nice and healthy vertical accumulation of BTC for a month, these sideways corrections are building steam for the next leg, which I believe will get us at least $46,000+.
Enjoy the Santa gathering, ho ho ho.”
While Bluntz is eyeing $46,000 as his minimum upside target this month, he says Bitcoin is unlikely to stop there. The crypto strategist believes that Bitcoin is in the midst of a parabolic wave that could take its value to $65,000 in the first quarter of 2024.
“BTC is really going parabolic now.
Has all the hallmarks of a wave three on its way.
Enjoy the ride and for God’s sake, don’t overdo it.”
Bluntz practices Elliott Wave theory, a technical analysis method that attempts to predict future price action by following the psychology of the crowd that often manifests itself in waves. According to the theory, a bullish asset goes through five waves, with wave three being the strongest and longest rise.
At the time of writing, Bitcoin is trading at $44,048, up almost 5% in the past day.
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Generated image: Midjourney