Bluntz, a popular crypto trader, Bitcoin Altcoins will suffer if the price reaches new local highs. believes.
Bluntz thinks the reason altcoins have performed well is because BTC has been trading in a range for the past eight days.
Make no mistake, once BTC breaks out, it will suck the life out of your altcoins. I think it’s time to shift the focus back to king BTC.
According to the analyst, who applied the “Elliott Wave” theory in his technical analysis, Bitcoin is currently trading in the fourth wave before exploding. Elliott Wave theory theorizes that the underlying trend of an asset’s price moves in a five-wave pattern.
According to Bluntz’s charts, BTC has one more leg to complete the uptrend that started last month. According to Bluntz, Bitcoin could rise to $42,000 or even higher in the fifth wave.
Bluntz also noted that going forward, Bitcoin is likely to rally in a similar way to what it did in April 2019 and October 2020.
Never underestimate the power of a higher timeframe weekly range breakout on BTC.
After breaking out of a weekly range in April 2019, BTC completed a short-term rally and rose nearly 160% by June of that year. Since October 2020, when Bitcoin broke out of the weekly range, BTC increased by nearly 400%, reaching an all-time high of $65,000 in April 2021.