A crypto analyst who accurately called the bottom of the 2018 Bitcoin bear market believes BTC has more room to run to the upside before topping out.
In a new video, pseudonymous analyst Bluntz tells his 243,100 followers on the social media platform X that Bitcoin appears to be in the midst of a wave three surge in the monthly timeframe.
Bluntz practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish price movement witnesses a five-wave rally with wave three being the strongest and longest move to the upside.
Says the analyst,
“I think it looks more likely that it’s actually a wave three still underway… Once we break all-time highs, which seems almost inevitable at this point, it just seems this is going to be an impulsive rise, and there’s not going to be any echo bubble like we saw in 2019…
I’m anticipating this to be a monster wave three up on the monthly [chart].”
Bluntz says that he expects Bitcoin to print gains of around 100% from current levels before its five-wave rise comes to a close.
“I do think ultimately between $120,000 and $130,000 is probably a good target for where this five-wave rise from the bear market lows ends.
Personally, I just don’t think it goes much higher than that. I think each cycle sees lower and lower multiples. Obviously, I’ve seen some crazy targets getting thrown out like $200,000 plus over the last week. I think between $120,000 and $130,000 is probably a roundabout where I think we’re going to top out this cycle.”
Source: Bluntz/X
At time of writing, Bitcoin is trading for $64,778, up over 5% in the past day.
Generated Image: DALLE3
