A crypto analyst who accurately called the bottom of the 2018 Bitcoin bear market believes BTC has more room to run higher before reaching the top.
In a new video, pseudonymous analyst Bluntz tells his 243,100 followers on the social media platform
Bluntz practices Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following the psychology of the crowd that often manifests itself in waves. According to the theory, a bullish price move witnesses a five-wave rally, with wave three being the strongest and longest upward move.
Say the analyst,
“I think it seems more likely that there is actually a wave three that is still ongoing… Once we break all-time highs, which seems almost inevitable at this point, it looks like this will be an impulsive surge will be, and it won’t be. every echo bubble as we saw in 2019…
I expect this to be a monster wave three every month [chart].”
Bluntz says he expects Bitcoin to post gains of around 100% from current levels before the five-wave surge comes to an end.
“I think ultimately between $120,000 and $130,000 is probably a good target for where this five-wave rally from the bear market low ends.
Personally, I don’t think it goes much higher than that. I think each cycle has lower and lower multiples. Obviously, I’ve seen some crazy goals thrown away this past week, like $200,000 plus. I think between $120,000 and $130,000 is probably a roundabout point where I think we’ll surpass this cycle.”
At the time of writing, Bitcoin is trading at $64,778, up more than 5% in the past day.
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Generated image: DALLE3