Popular crypto strategist Bluntz, known for his accurate predictions of Bitcoin’s lows, is fueling bullish sentiment with a new forecast. Bluntz, who boasts over 264,000 followers on social media platform X, believes Bitcoin is poised for a significant upswing, potentially reaching new all-time highs.
Bluntz bases his prediction on Elliott Wave Theory, a technical analysis method that identifies trends through wave patterns. He argues that Bitcoin has completed a multi-month corrective phase (ABC correction) after surpassing the $60,000 mark last week. According to the theory, an impulsive five-wave rally typically follows an ABC correction.
“This price action starting to look like accumulation now,” Bluntz stated in a recent post. “If BTC takes out $60,000 again, I think it’s off to the races and a new impulse up may have begun.” His chart suggests a potential surge towards a record-breaking $80,000 for Bitcoin.
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Adding to his bullish outlook, Bluntz identifies a bullish divergence on Bitcoin’s daily chart. This technical indicator often suggests a potential trend reversal, where the price may be stagnant or declining, but underlying momentum strengthens. “Surprised, I haven’t seen many people talking about the BTC daily bull div,” commented Bluntz. “Confidence really got shattered huh.”
Bluntz maintains a long-term bullish perspective, extending the current bull market into early 2025. “Seen many ‘Is the cycle over?’ questions starting to pop up lately,” he remarked. “It’s not over yet in my opinion. It should last into early 2025 in my opinion.” Based on his chart analysis, Bitcoin seems on track to embark on its fifth and final major wave of the cycle, potentially reaching $100,000.
While Bluntz’s predictions have proven successful in the past, the cryptocurrency market remains inherently volatile. Investors are advised to conduct thorough research and consider their own risk tolerance before making any investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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