A trader known for calling crypto bottoms thinks Bitcoin (BTC) has started heading towards $100,000 and above.
Bybit’s top Master Trader Bluntz tells his 265,800 followers on social media platform
The analyst uses the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally, with waves one, three and five being upward moves and waves two and four being corrective periods.
Says Bluntz,
“The [last] BTC Weekly is an absolute monster and has only recently risen [July 8th] lows.
I suspect a pullback will come from horizontal resistance around $71,000 after everyone on the sidelines successfully gets back into the FOMO (fear of missing out).
Markets are very efficient at this.”
Looking at the trader’s chart, he seems to suggest that BTC will correct to $60,000 for the second wave, before rising to $110,000 to end the five-wave uptrend.
At the time of writing, Bitcoin is trading at $68,148, up more than 1% on the day.
The trader is also keeping a close eye on the Solana (SOL)-based meme token Popcat (POPCAT). Bluntz says he is bullish on the memecoin and expects it to soar to greater heights after turning its previous all-time high of $0.73 into support.
“All-time high retest completed, POPCAT full will be shipping soon I believe.”
At the time of writing, POPCAT is worth $0.912.
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Generated image: DALLE3