An analyst with a history of timely Bitcoin calls believes that conditions are now ripe for BTC to witness huge upside bursts to new all-time highs.
Pseudonymous analyst Bluntz tells his 289,300 followers on the social media platform X that BTC appears to be in the initial stages of a parabolic rally that could take Bitcoin well above $100,000.
“It’s happening BTC.”
Source: Bluntz/X
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to go through a five-wave surge where waves one, three and five are upside moves and waves two and four are corrective periods.
Looking at the trader’s chart, he seems to suggest that BTC is in the midst of a major wave three rally en route to $106,000 before a wave four pullback and an explosion to $122,000.
At time of writing, BTC is worth $72,624, up over 3% in the past day.
Turning to Dogecoin (DOGE), the crypto strategist is also in the early stages of a five-wave rally with a target price of around $0.40.
“Presented without comment.”
At time of writing, DOGE is worth $0.174, up over 10% in the past day.
As for fellow memecoin dogwifhat, the trader thinks WIF is ready to start a new run after the altcoin printed a bullish divergence signal on the four-hour chart.
“We got double bull divs on WIF [four-hour chart] now.”
Source: Bluntz/X
A bullish divergence is a bullish reversal signal as it suggests that an asset momentum’s is on the up and up even though the price is trending lower or sideways.
At time of writing, WIF is worth $2.59, up over 5% on the day.
Generated Image: Midjourney
