Bitcoin (BTC), the largest cryptocurrency by market value, dropped rapidly over the weekend, falling to $60,822. However, he managed to recover somewhat afterwards. This volatile market has investors worried. According to the latest analysis by successful cryptocurrency analyst Bluntz, Bitcoin has the potential to rise to a new record high, despite the recent decline.
Based on his technical analysis, Bluntz noted that Bitcoin has completed the ABC correction wave on the four-hour chart, forming a local bottom in the process. Using the Elliott Wave theory, the analyst suggests that a bullish asset usually enters a new uptrend after a three-part ABC correction. In this context, he states that Bitcoin exhibits a similar formation and now has a new upward potential.
According to Bluntz’s analysis, it is predicted that Bitcoin may rise to a historical record level of $ 82,228. The analyst makes this prediction by carefully examining the formations on the charts and general trends in the market. “We managed to clean it up. “I think this is the bottom.” He said that Bitcoin has completed its correction process and is now preparing for a new uptrend. states.
Bitcoin is trading at $64,212 at press time.
Apart from Bitcoin, the analyst is also closely monitoring the movements of the popular meme coin dogwifhat (WIF). The analyst says WIF could form a local bottom around $1.80, but notes that further price action is needed to confirm his analysis.
“Reached $1.80 and went straight to 0.618 in WIF [Fibonacci seviyesi] fell. “Promising response so far, we are hoping for this to be the bottom, but I will wait for a sudden five wave rise on the lower time frames for confirmation, i.e. 30 minutes to an hour.”
At the time of this writing, WIF was valued at $2.38.
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