A Crypto Analyst Expects a Monster Rally for Bitcoin, with a Bull Market Target
A crypto analyst, known as Bluntz, who accurately predicted the bottom of the 2018 Bitcoin bear market, believes that BTC still has room to grow before reaching its peak. Bluntz follows the Elliott Wave theory, which analyzes crowd psychology and identifies patterns in price movements. According to this theory, a bullish price movement consists of five waves, with wave three being the strongest and longest upward move.
Bitcoin’s Potential for a Monster Wave Three Surge
In a recent video shared on the social media platform X, Bluntz suggests that Bitcoin is currently experiencing a wave three surge in the monthly timeframe. He anticipates that once Bitcoin breaks its all-time high, which seems highly likely, it will continue to rise impulsively without experiencing an echo bubble like in 2019. Bluntz predicts that this wave three surge could be a significant one on the monthly chart.
Predicted Gains and Target Price
Bluntz expects Bitcoin to achieve gains of approximately 100% from its current levels before the five-wave rise comes to an end. He believes that the target range for this rise from the bear market lows will be between $120,000 and $130,000. However, he also notes that he does not expect Bitcoin to go much higher than this range. Bluntz suggests that each cycle sees lower multiples in price increases.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $64,778, representing a more than 5% increase in the past day.
Hot Take: A Bullish Outlook for Bitcoin
The crypto analyst Bluntz has gained attention for accurately predicting the bottom of the 2018 Bitcoin bear market. Now, he suggests that Bitcoin is in the midst of a wave three surge, which could result in a significant rally. Bluntz anticipates that Bitcoin will continue to rise without experiencing an echo bubble and expects gains of around 100% from its current levels. He sets a target range for this rise between $120,000 and $130,000. However, he believes that Bitcoin’s price will not surpass this range, as each cycle tends to see lower multiples in price increases.
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