Crypto Analyst Predicts Bitcoin Breakout
A well-known crypto trader who accurately anticipated the lowest point for Bitcoin (BTC) in 2018 is sharing optimistic views on the leading cryptocurrency. Pseudonymous analyst Bluntz is telling his 227,200 followers on the social media platform X that Bitcoin seems poised to break out after consolidating for two weeks.
Bluntz uses the Elliott Wave theory in his technical analysis. Based on his charts, he forecasts that the price of Bitcoin could reach an initial target of $38,000 before eventually hitting $42,000 in a series of waves. The Elliott Wave theory suggests that the main trend of an asset’s price moves in a five-wave pattern while corrections occur in a three-wave pattern.
As of now, Bitcoin is trading at $35,350, showing a roughly 30% increase since mid-October.
Analysis of Solana’s Performance
Turning to the seventh-largest cryptocurrency by market cap, Solana (SOL), Bluntz states that it has stalled after breaking out of a descending channel following significant accumulation. According to the analyst, Solana may trade within a range before turning upwards. Bluntz’s initial target indicates a little over a 10% increase from the current price.
At present, SOL is valued at $43.23, reflecting an increase of over 100% since mid-October.
Hot Take: Analyst’s Bitcoin and Solana Forecasts
Analyst Who Nailed Bitcoin 2018 Bottom Says BTC on Cusp of Breaking Out – Here Are His Targets The Daily Hodl.
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