A crypto expert named Bluntz Capital has expressed optimism about Bitcoin‘s upcoming price increase and potential establishment of a new record high. Bluntz shared his perspective on Bitcoin’s future trend on social media X, during ongoing discussions on the cryptocurrency’s possible directions in the market.
Bluntz is renowned for his precise BTC forecasts, notably during the 2018 bear market. Currently, his perspective is grounded in the Elliott Wave Theory, a technical analysis method widely used by analysts to evaluate Bitcoin’s upcoming trends.
Fresh BTC All-Time High
In the past few months, Bitcoin’s price behavior has surpassed previous record-breaking prices, resulting in a new all-time high not seen since November 2021. Nevertheless, Bitcoin’s price has yet to significantly surpass the $70,000 threshold again, which it last reached at $73,794.
Based on Bluntz Capital’s perspective, there’s a significant shift coming up for Bitcoin, as he remains confidently optimistic about its future price movement based on Elliott Wave Theory. In essence, this theory suggests that markets follow a pattern of five progressive waves in the direction of the primary trend and three corrective waves in the opposite direction. This analysis provides valuable insights when examining market trends at both short-term and long-term horizons.
According to Bluntz’s analysis in his 3-day BTC price chart on X, the current behavior of Bitcoin can be described as a smaller uptrend (Bullish Impulse Wave 5) within the larger bull market trend (Wave 3) based on Elliott Wave Theory. Therefore, Bluntz warned that we have not yet reached the peak price for Bitcoin in this cycle, and there’s a possibility of hitting a new all-time high within the next one to two weeks.
expecting fresh #btc ath within the next 1-2 weeks.
In simpler terms, I believe we’re experiencing the fifth wave within a larger three-wave pattern, with some additional upward movements left.
ultimately expecting us to top out around 120k this cycle.
— Bluntz (@Bluntz_Capital) April 22, 2024
How High Can Bitcoin Go This Cycle?
During the current Bitcoin bull market following the latest halving event, there’s much curiosity among investors about how high the price could climb. According to Bitcoin analysts who closely examine past halving cycles, we may still be far from reaching the peak based on historical trends.
Based on Bluntz Capital’s prediction, Bitcoin may reach approximately $120,000 during this market trend. Previously, the analyst indicated that Bitcoin could experience a minor setback after surpassing $74,000 for the second time. This potential reversal might cause Bitcoin’s price to dip down to around $64,000 before continuing its upward trend towards new heights.
Many experts believe that Bitcoin’s price will surpass the six-figure mark within the next few months. Similarly optimistic is Michael Sullivan among these analysts, forecasting a potential value of $250,000 for BTC in the long run.
At the time of writing, Bitcoin is trading at $66,178, up by 9.9% since the halving on April 19.
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2024-04-23 21:12