Crypto strategists who have predicted the bottom of Bitcoin believe that BTC will ignite rallies on its way to new highs.
Bluntz, a pseudonymous analyst on social media platform X, tells his 264.900 followers that Bitcoin has completed a multimonth ABC correction following the end of the prior week at $60,000.
Bluntz uses Elliott Wave Theory, according to which an asset will tend to experience a five-wave surge impulsively after completing a three wave ABC correction.
The analyst says:
I believe a new wave of growth has begun if BTC withdraws $60,000 once again.
The trader seems to be predicting that Bitcoin is going to reach a new record high of around $80.000.
Bitcoin was trading at $62,954 as of the time this article went to press, up 4% from yesterday.
Analysts also say that Bitcoin’s daily chart shows a divergence in favor of bulls.
Bullish divergence can be interpreted as a signal of reversal, as it shows that the asset has momentum, even when its price is going down or moving sideways.
Says Bluntz,
“I’m surprised that I haven’t heard many people talk about the BTC Daily Bull Div.
“Confidence has been shattered, huh?”
Bluntz thinks that, from a long-term perspective the bull market is likely to last until 2025.
My opinion is that it’s still not over. “I think it should continue until early 2025.”
According to the chart of the trader, it appears that BTC will begin the fifth major wave in the cycle towards $100,000.
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Sources of Images: Pixabay Creative Commons DALLE3
This article Bitcoin is now off to the races after reclaiming $60,000. Here is his upside target appeared first on The ICD.
