A widely followed cryptocurrency analyst believes that Bitcoin (BTC) is about to rise to levels last seen in December 2021.
The analyst, pseudonymously known as Bluntz tells According to its 239,400 followers on the social media platform
The analyst applies Elliott Wave theory, a technical analysis approach that attempts to predict future price action by monitoring the psychology of the crowd that often manifests itself in waves. According to the theory, a bullish asset tends to witness a five-wave rally, with the third wave being the longest and strongest rally.
Bluntz shares a chart suggesting that BTC could end its big third wave once it reaches $50,000, before correcting and rising to $52,000.
“BTC is leading today and is now impulsively looking to the upside, and is definitely starting to look like a wave three to new highs is on the way.”
But while Bluntz is bullish on Bitcoin in the short term, says fellow crypto analyst Rager thinks that the current BTC rally does not have the legs to set a new annual record. According to Rager, he expects Bitcoin to resume its upward trend after the April halving, when miner rewards will be halved.
“As optimistic as I am about Bitcoin and this market, I still don’t think BTC will reach new highs until months after the halving.
I would love to be wrong about this opinion.”
Bitcoin is trading at $47,323 at the time of writing, up more than 2.70% in the past 24 hours.
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Generated image: DALLE-3