A Trader Predicts a Santa Claus Rally for Bitcoin
An analyst known as Bluntz is confident that Bitcoin is primed for a Santa Claus rally. According to Bluntz, Bitcoin spent about 38 days consolidating below $40,000 from late October to the end of November, which has allowed it to build a strong base for a rally in December. Bluntz believes that the recent sideways correction is a sign that Bitcoin will surge to at least $46,000 in the near future.
Predicting Further Upside for Bitcoin
Bluntz doesn’t expect Bitcoin to stop at $46,000. In fact, he believes that the cryptocurrency is currently experiencing a parabolic surge that could push its price as high as $65,000 in the first quarter of 2024. Bluntz follows the Elliott Wave theory, which suggests that Bitcoin’s current move is wave three, the strongest and longest upward movement in a bullish trend.
Bitcoin’s Current Price and Outlook
As of now, Bitcoin is trading at around $44,048, representing an almost 5% increase in the past day. With the potential for a Santa Claus rally and further upside predicted by Bluntz, many crypto traders are keeping a close eye on Bitcoin’s price action.
Hot Take: A Bullish Forecast for Bitcoin
According to an analyst known as Bluntz, Bitcoin has undergone a consolidation period that has set the stage for a Santa Claus rally. He predicts that Bitcoin will reach at least $46,000 in the near future and could potentially surge as high as $65,000 in the first quarter of 2024. With its current price sitting around $44,048 and showing signs of upward momentum, Bitcoin is an asset to watch closely for potential gains.
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