A trader who accurately identified the lowest price of Bitcoin’s (BTC) bear market in 2018 asserts that the cryptocurrency is poised to surpass this year’s peak.
In a recent video presentation, the pseudonymous analyst known as Bluntz addressed his audience of 224,500 followers on the social media platform X. Bluntz suggests that BTC is likely to undergo further corrective movements before regaining its bullish momentum.
Bluntz employs the Elliott Wave theory in his analysis, a technical approach that seeks to anticipate future price fluctuations by tracking crowd psychology, which typically manifests in wave-like patterns. According to this theory, a five-wave rally is typically followed by an ABC pattern, where the asset retraces some of its gains before initiating a fresh upward movement.
According to the cryptocurrency strategist, BTC has already completed a five-wave ascent, moving from approximately $16,000 to $32,000, and is presently in the midst of an ABC correction. This correction is expected to bring Bitcoin’s value down to around the $23,000 mark.
The analyst indicates that BTC is presently in the early stages of the C wave, where he anticipates Bitcoin will undergo a five-wave correction on its way to the target on the downside.
Bluntz predicts that once the ABC correction concludes, BTC will recommence its upward trajectory.
“Once we witness the completion of this final fifth wave, along with its sub-divisions within this ultimate fifth wave, I believe that’s when we will likely establish a foundation and discover a low point before embarking on an upward trajectory to attain new highs, ultimately surpassing the $32,000 threshold. There is still some time left, and this unfolding process will likely take another month or so.”
At the time of composing this article, Bitcoin is valued at $25,763.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.