Expert Analyst Predicts Concerning Scenario for Bitcoin & Exciting Rally for Gold 📉📈
An experienced analyst, who is known for accurately predicting market movements, is cautioning you about a potentially challenging period for Bitcoin (BTC). Pseudonymous trader Bluntz, with a significant following on X social media platform, is suggesting that BTC might be indicating an ABC corrective move on its daily chart.
Understanding Elliott Wave Theory 🌊
- Bluntz relies on the Elliott Wave theory, which proposes that an upward-trending asset typically consolidates in an ABC corrective wave following a five-wave uptrend.
The analyst conveys that there might be considerable pain in store for BTC, mentioning that the cryptocurrency could surge to $76,000 before dropping to $64,000, and finally hitting a new all-time high of $82,000. Currently, Bitcoin is valued at $69,296, showing a decrease of close to 4% over the last 24 hours.
Gold’s Promising Trajectory 🥇
- Bluntz also highlights the potential for a significant rally in gold, noting that the precious metal seems to be in the midst of a five-wave rally that could see prices surpass $3,600.
Currently, the price of Gold stands at $2,352. Additionally, the analyst is closely monitoring the Solana versus Bitcoin (SOL/BTC) pair, suggesting that SOL/BTC may have established a near-term bottom around 0.00246 BTC ($170) following the completion of an ABC corrective wave. The pair is currently valued at 0.00249 BTC ($172) at the time of writing.
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Hot Take: Insights on Bitcoin’s Future and Gold’s Momentum 🌟📉
An expert trader is signaling potential hurdles for Bitcoin while also projecting an impressive rally for Gold. Keep a close watch on the evolving market trends and make informed decisions.
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