A trader known for calling crypto bottoms thinks Bitcoin’s (BTC) run toward $100,000 and beyond has started.

Bybit’s top Master Trader Bluntz tells his 265,800 followers on the social media platform X that Bitcoin is in the midst of a five-wave surge en route to new all-time highs.

The analyst uses Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally where waves one, three and five are upside moves and waves two and four are corrective periods.

Says Bluntz,

“The [last] BTC weekly is an absolute monster and has been up only from [July 8th] lows.

I suspect a pullback comes from horizontal resistance around $71,000 after everyone sidelined has successfully FOMO’ed (fear of missing out) back in.

Markets are very efficient at doing that.”

Source: Bluntz/X

Looking at the trader’s chart, he seems to suggest that BTC will correct to $60,000 for wave two before soaring to as high as $110,000 to end its five-wave uptrend.

At time of writing, Bitcoin is trading for $68,148, up over 1% on the day.

The trader is also keeping a close watch on the Solana (SOL)-based meme token Popcat (POPCAT). Bluntz says he’s bullish on the memecoin and expects it to soar to greater heights after flipping its previous all-time high level at $0.73 into support.

“All-time high retest complete, POPCAT full sends soon in my opinion.”

Source: Bluntz/X

At time of writing, POPCAT is worth $0.912.

Generated Image: DALLE3