In a recent market analysis, a trader known for correctly predicting the bottom of Bitcoin (BTC)’s 2018 bear market is now plotting a path for the cryptocurrency giant to reach $60,000. The analyst, known as Bluntz and formerly known as Smart Contracter, shared his views with his 229,700 followers on the X social media platform, highlighting a particularly bullish scenario for Bitcoin. Here are the details…
Bluntz is bullish on Bitcoin
Bluntz uses Elliott Wave theory, a method of technical analysis based on mass psychology, to predict future price movements. According to this theory, a bullish asset goes through a five-wave uptrend, with the third wave typically being the longest and most significant uptrend. “Yes, I’m talking about the extended third wave that’s going on right now,” Bluntz said, expressing confidence in the ongoing third wave rally. The trader’s chart suggests a projection where Bitcoin is expected to complete its third wave rally at $50,000 before experiencing a fourth wave correction to $42,500.
The analysis also predicts BTC to reach $60,000 in the fifth and final wave, which is planned to occur before September 2024. At the time of this writing, Bitcoin is currently trading at $37,787, indicating potential room for growth in line with Bluntz’s predictions.
Solana predictions also attracted attention
Beyond Bitcoin, the cryptocurrency strategist also offers insights into the direction of Solana (SOL), a smart contract platform. According to Bluntz, Solana is poised for a significant uptrend after forming a local bottom around $55. Urging his followers not to miss potential gains, Bluntz said, “Don’t waste your last chance at SOL before it goes above $80.” At the time of this report, SOL is trading at $58.67, indicating an upcoming bullish momentum in line with Bluntz’s analysis.
Bluntz’s previous predictions
cryptokoin.com As we reported, when Bitcoin was traded above $ 6,000 in June 2018, analyst predictions attracted attention. At the time, Smart Contracter suggested that Bitcoin would bottom at exactly $3,200. Specifically, he predicted it would rise or fall by $200. Six months later, a bottom was reached for Bitcoin at around $3,150.
Traders and investors are advised to remain vigilant as market dynamics can change rapidly. While Bluntz’s predictions are based on technical analysis, they should be evaluated in conjunction with other market factors and trends. Additionally, it would be beneficial not to blindly believe any analyst’s comments. Because cryptocurrency is too dynamic to predict.
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