Bitcoin Bluntz, who is famous for frequently predicting the price correctly, predicted a new rise for BTC. BTC looks like it’s on the verge of a ‘explosion’ after consolidating over the past two weeks, analyst says looks.
In his technical analysis, Bluntz follows a method called Elliott Wave theory. According to Trader’s charts, Bluntz predicts that Bitcoin price could reach an initial target of $38,000 before reaching $42,000 after a series of waves.
Elliott Wave theory states that the main trend of an asset’s price moves in a five-wave pattern, while the correction occurs in a three-wave pattern.
At the time of writing, Bitcoin is trading at $35,350, up nearly 30% since mid-October.
Seventh largest crypto asset by market cap solana Bluntz, who completed his analysis with , says decentralized application platform Solana (SOL) stalled after breaking out of a declining channel following a previously significant accumulation.
According to the analyst, Solana may trade in a range for a while before turning upwards. Bluntz’s initial target is an increase of just over 10% from the current price.
