Bitcoin (BTC) Ready to Ignite Rallies En Route to New All-Time Highs, Crypto Strategist Bluntz Tells Followers
- PHPzOriginal
- 2024-07-18 03:12:30900browse
Pseudonymous analyst Bluntz tells his 264,900 followers on the social media platform X that Bitcoin appears to have completed a multi-month ABC correction
A crypto strategist who predicted the Bitcoin bottoms believes that BTC is preparing for rallies that will propel it to new all-time highs.
Pseudonymous analyst Bluntz tells his 264,900 followers on the social media platform X that Bitcoin seems to have completed an ABC correction over several months after closing the previous week above $60,000.
Bluntz applies the Elliott Wave Theory, which posits that an asset typically experiences an impulsive five-wave surge after concluding a three-wave ABC correction.
According to the analyst,
“OK this price action starting to look like accumulation now.
If BTC takes out $60,000 again, I think it’s off to the races and a new impulse up may have begun.”
Examining the trader’s chart, he appears to be suggesting that Bitcoin will rally toward a new record-high at around $80,000.
At the time of writing, Bitcoin is trading at $62,954, up over 4% in the past 24 hours.
The analyst also notes that Bitcoin is displaying a bullish divergence on the daily chart.
A bullish divergence is typically considered a reversal signal, indicating that an asset is gaining momentum despite the price sliding or trading sideways.
Bluntz adds,
“Surprised I haven’t seen many people talking about the BTC daily bull div.
Confidence really got shattered huh.”
From a longer-term perspective, Bluntz believes that the bull market will continue until the beginning of 2025.
“Seen many ‘Is the cycle over?’ questions starting to pop up lately.
It’s not over yet in my opinion. It should last into early 2025 in my opinion.”
Based on the trader’s chart, he appears to be suggesting that BTC is preparing to start its fifth and final major wave for the cycle toward $100,000.
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