A crypto strategist known for calling market bottoms believes Bitcoin (BTC) is preparing for a big breakout and rally to fresh record highs.

In a new video update, pseudonymous analyst Bluntz tells his 271,900 followers on the social media platform X that the last leg of Bitcoin’s five-wave surge is underway.

Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally with waves one, three and five representing impulsive moves to the upside and waves two and four serving as corrective periods.

Says Bluntz,

“The weekly close was absolutely amazing… This weekly candle close is well and truly back into the range. I think all the signs are pointing to a push to all-time highs and a macro fifth wave higher…

Time-wise, the wave two and the wave four are equal in time, which is what we want to see: 154 days for the wave two and we had 147 days for the wave four. So very, very equal in time.”

Source: Bluntz/X

According to the trader, his Bitcoin wave count looks good based on the idea that higher time frame charts often flash reliable signals.

“We had an almost perfect one-to-one extension in time for how long wave two lasted and how long wave four lasted. And in between those two waves, we have what we can see here as an extremely very visible clear wave three, which is the longest.

So basically looking at this in the high time frames, which are always the most reliable time frames, weekly and higher very rarely give off false signals.

I think all the signs are pointing to a wave five up underway.”

The analyst says Bitcoin’s wave-five surge could end up between $85,000 and $100,00 based on conservative measures. But Bitcoin may rally to as high as $115,000 in an extended fifth-wave rally.

At time of writing, Bitcoin is worth $63,081, down over 1% on the day.

Generated Image: DALLE3