Analyst Predicts Bitcoin Will Reach New All-Time High Within Weeks
A well-known crypto analyst who accurately predicted the market bottom in 2018 now believes that Bitcoin will hit a new all-time high within the next 1-2 weeks. He sees Bitcoin reaching around $120,000 this cycle as it enters wave five of a larger trend.
Elliott Wave Theory and Bitcoin Price Predictions
The analyst, Bluntz Capital, relies on the Elliott Wave Theory to make his predictions. This theory suggests that asset prices move in a specific, five-wave pattern. According to this theory, market trends unfold in repetitive cycles driven by investor psychology. These cycles typically consist of a five-wave progression followed by a three-wave corrective phase.
Origins of Elliott Wave Theory
Ralph Nelson Elliott developed the Elliott Wave theory in the 1920s after observing recurring wave patterns based on mass psychology. These patterns help analysts like Bluntz Capital make price projections based on market sentiment.
Predictions for Bitcoin’s Price Movement
- The analyst recently analyzed Bitcoin’s “max pain scenario,” predicting a short-term dip before a significant rally.
- This scenario would see Bitcoin briefly losing recent highs, prompting a dip before a sustainable rally.
- Bluntz Capital’s forecast suggests Bitcoin could drop to $64,000 before surging to $82,000.
Contrasting Views on Bitcoin’s Future
- Another respected figure, Peter Brandt, predicts Bitcoin could surge to $80,000 shortly.
- On the other hand, Bitcoin bear Peter Schiff advises investors to sell Bitcoin and buy gold and silver for long-term stability.
Historical Accuracy of Bluntz Capital’s Predictions
In 2018, Bluntz Capital accurately predicted the end of the bear market when Bitcoin dropped to $3,200 after hitting an all-time high near $20,000. His track record adds credibility to his current forecasts.
Hot Take
If Bluntz Capital’s prediction plays out, Bitcoin could be on the cusp of a significant price rally, reaching new heights within weeks. Keep a close eye on market movements to see if this projection becomes a reality.
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