Crypto analyst Bluntz Capital has predicted a powerful price surge for Bitcoin within the coming days, and a brand new all-time excessive could possibly be within the books. Bluntz dropped his two cents on Bitcoin’s trajectory on the social media platform X, amidst varied worth outlooks for the cryptocurrency in latest days.
Bluntz is well-known for a few of his correct predictions relating to BTC, notably throughout the 2018 bear market. His latest evaluation is predicated on the Elliott Wave Theory, a type of technical evaluation that has been employed by varied analysts in latest months to evaluate Bitcoin’s future outlook.
Fresh BTC All-Time High
Price motion in latest months has seen Bitcoin taking pictures previous varied worth ranges with a purpose to create a brand new all-time excessive since November 2021. However, the worth of BTC has but to considerably cross over the $70,000 mark once more because it reached its present excessive of $73,794.
According to Bluntz Capital, that is set to vary very quickly, along with his outlook for Bitcoin nonetheless extraordinarily bullish, in accordance with Elliott Wave Theory. The Elliott wave idea is basically a market motion of 5 waves within the route of the bigger pattern and a three-wave correction within the reverse pattern. This evaluation has notably been helpful to take a look at market developments in each the quick and macro phrases.
Per Bluntz in his 3-day BTC worth chart shared on X, the present worth motion of BTC is that of a smaller bullish Impulse Wave 5 in a bigger Wave 3 bull pattern within the Elliot Wave Theory. Consequently, Bluntz famous that we haven’t seen the highest of Bitcoin this cycle but, and the crypto might attain a brand new all-time excessive within the subsequent one to 2 weeks.
anticipating contemporary #btc ath inside the subsequent 1-2 weeks.
from a macro standpoint i feel had been presently in a wave 5 of a bigger w3 with a couple of legs greater nonetheless to return.
finally anticipating us to high out round 120k this cycle. pic.twitter.com/rX11SEUPf0
— Bluntz (@Bluntz_Capital) April 22, 2024
How High Can Bitcoin Go This Cycle?
As BTC continues its bull run this cycle after the just concluded halving, many traders are questioning simply how high it can go. Analysts who research the Bitcoin halving cycles consider we nonetheless have a protracted strategy to go earlier than reaching the height primarily based on historic patterns.
According to Bluntz Capital, Bitcoin ought to high out at round $120,000 on this cycle. In an earlier Bitcoin analysis, the analyst famous that there could possibly be one other rejection instantly after BTC crosses over $74,000 once more. This rejection might see BTC fading again to a decrease finish of $64,000 earlier than occurring the actual run up into new worth territory.
Most analysts are of the notion that the worth of Bitcoin will reach six-figure territory within the coming months. Other analysts like Michael Sullivan are additionally optimistic, estimating BTC might attain $250,000 in the long run.
At the time of writing, Bitcoin is buying and selling at $66,178, up by 9.9% for the reason that halving on April 19.
BTC bulls push worth towards $67,000 | Source: BTCUSD on Tradingview.com
Featured picture from Medium, chart from Tradingview.com
