Cryptocurrency Analyst Sees a Strong Santa Claus Rally for Bitcoin
A cryptocurrency strategist with a large social media following for correctly predicting when Bitcoin’s 2018 bear market bottom would be above $3,000 says he believes Bitcoin will experience a Santa Claus rally.
Bitcoin’s Latest Bull Run Surges Price Over 23% in a Month
The pseudonymous cryptocurrency analyst Bluntz notes that Bitcoin’s price has surged over 23% in the last month and over 160% this year due to renewed optimism about the potential launch of a spot Bitcoin exchange-traded fund (ETF) in the U.S. At this time, BTC is trading at $43,000, up from $18,000 a year ago.
Predicted $46,000 Mark Could Be Reached During Rally
The strategist suggests that Bitcoin’s price may reach the $46,000 mark and analysts elsewhere believe it could go even higher during the anticipated Santa Claus rally.
Use An Exit Strategy Before Euphoria Kicks In
The analyst suggests it could be wise to make tentative plans to exit the market since, while euphoria may kick in as Bitcoin approaches and exceeds its all-time high, your profit target will likely need revising.
Watching for Patterns to Predict Future Price Movements
The analyst shapes his predictions using Elliott Wave theory, a well-established method popular among stock market traders. The theory is based on patterns resulting from the masses’ psychology and has in the past allowed accurate predictions of changes in asset prices. Ellicot wave theory has been used before to predict significant market shifts.
Paying Close Attention to Past Patterns
The analyst points out that Elliott was able to predict the stock market bottom in 1935 after an extensive correction and highlights that based on these patterns, one could potentially predict future movements of asset prices.
Hot Take
The cryptocurrency analyst believes that Bitcoin will experience a significant Santa Claus rally and continue its upward trajectory into the first quarter of next year, potentially reaching a new all-time high.
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