Bitcoin Now Off to the Races After Reclaiming $60,000, Says Analyst – Here’s His Upside Target
dailyhodl.com 15 July 2024 08:40, UTC A crypto strategist known for calling Bitcoin bottoms believes BTC is ready to ignite rallies en route to new all-time highs.
Pseudonymous analyst Bluntz tells his 264,900 followers on the social media platform X that Bitcoin appears to have completed a multi-month ABC correction after ending the previous week above $60,000.
Bluntz practices Elliott Wave theory, which states that an asset tends to witness an impulsive five-wave surge after concluding a three-wave ABC correction.
Says the analyst,
“OK this price action starting to look like accumulation now.
If BTC takes out $60,000 again, I think it’s off to the races and a new impulse up may have begun.”
Looking at the trader’s chart, he seems to suggest that Bitcoin will rally toward a fresh record-high at around $80,000.
At time of writing, Bitcoin is trading for $62,954, up over 4% on the past day.
The analyst also says that Bitcoin is flashing a bullish divergence on the daily chart.
A bullish divergence is often seen as a reversal signal as it indicates that an asset is gathering momentum even if the price is sliding or trading sideways.
Says Bluntz,
“Surprised, I haven’t seen many people talking about the BTC daily bull div.
Confidence really got shattered huh.”
From a longer-term perspective, Bluntz believes that the bull market will endure until the start of 2025.
“Seen many ‘Is the cycle over?’ questions starting to pop up lately.
It’s not over yet in my opinion. It should last into early 2025 in my opinion.”
Based on the trader’s chart, he seems to suggest that BTC is poised to begin its fifth and final major wave for the cycle toward $100,000.
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