Bitcoin (BTC) Cycle Is 'Not Over Yet,” Cryptocurrency Analyst Bluntz Says
- 王林Original
- 2024-07-19 04:25:27260browse
A widely followed cryptocurrency analyst and trader believes that Bitcoin (BTC) still possesses more upside potential.
Bitcoin price analysis: How high will it rise? رمCrypto analyst and trader believes Bitcoin (BTC) still has room to rise.
The unnamed analyst, who has 264,700 followers on social media platform X, said the Bitcoin cycle is “not over yet.”
According to Bluntz, the Bitcoin bull cycle could “continue into early 2025.”
According to the charts of this unnamed trader, Bluntz, who typically employs Elliott wave theory for technical analysis, recently completed his 4th wave of a 5-wave pattern on Bitcoin's weekly chart. It seems to suggest that it did.
This analyst's chart further suggests that Bitcoin could complete his 5th wave of the pattern that he started with prices just below $100,000 in the second half of 2022. According to Elliott wave theory, the main trend in asset prices moves in a 5-wave pattern, while corrections occur in a 3-wave pattern.
Bitcoin is trading at $58,665 at the time of writing.
The unnamed analyst also states that Bitcoin is showing a bullish divergence signal on the daily chart. A bullish divergence typically occurs when an asset's price is in a downtrend while an oscillator indicator, such as the Relative Strength Index (RSI), is in an uptrend. A bullish divergence typically signals a reversal from a downtrending market to an uptrending market.
"I'm surprised more people aren't talking about his BTC daily bull divergence. Has his confidence really been shattered?"
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