A trader who accurately called the bottom of Bitcoin’s (BTC) bear market in 2018 is charting a price path to $60,000 for the crypto king.
Pseudonymous analyst Bluntz tells his 229,700 followers on social media’s X platform that Bitcoin is looking really bullish as it is in the midst of a wave three rally.
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 a five-wave uptrend, with the third wave representing the longest trajectory.
Says Bluntz,
“Yes, I am participating in the extended wave three that is currently underway. I’m pretty sure Credible Crypto is too.”
Looking at the trader’s chart, he appears to be predicting that BTC will end its wave three rally at $50,000 before a wave four correction to $42,500. The chart also shows Bitcoin reaching $60,000 for the fifth and final wave before September 2024.
At the time of writing, Bitcoin is trading at $37,787.
The crypto strategist also updates his view on the smart contract platform Solana (SOL). According to Bluntz, Solana is poised for a steep rally after pushing a local bottom around $55.
“Don’t waste your last chance before $80+ SOL.”
At the time of writing, SOL is trading at $58.67.
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Generated image: Midjourney