A trader who hit the bottom of the 2018 Bitcoin bear market believes the latest correction has put BTC in a position to soar to a new all-time high.
Top analyst Bluntz tells his 255,000 followers on social media platform X that Bitcoin appears to have printed a local bottom after completing an ABC correction wave on the four-hour chart.
The trader uses the Elliott Wave theory, which states that a bullish asset often witnesses a fresh rise after a three-part ABC correction.
Says Bluntz,
“We have received the results. I think that’s the low point. BTC.”
Looking at the trader’s chart, he seems to suggest that BTC will rise to a new all-time high of $82,228.
At the time of writing, BTC is worth $63,535.
The trader is also keeping a close eye on the movements of memecoin dogwifhat (WIF). The analyst says WIF may have pushed a local bottom around $1.80, but notes that more price action is needed to confirm his analysis.
“$1.80 hit and went straight into 0.618 [Fibonacci level] on WIF. Promising response so far, hoping this is the bottom, but we will wait for an impulsive five-wave surge on low time frames, i.e. 30 minutes to an hour, for confirmation.”
At the time of writing, WIF is worth $2.38.
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Generated image: Midjourney