Bitcoin (BTC), the pioneer of cryptocurrencies, experienced various fluctuations after the difficult days of the bear market in 2018. However, analyst Bluntz, who correctly predicted Bitcoin’s bottom during this period, has now made a hopeful prediction about the future of the crypto king. According to Bluntz’s analysis, the price of Bitcoin may rise up to $60,000 in the coming period. Here are the details…
The analytical method that Bluntz used as the basis for his predictions is known as Elliott Wave Theory. According to theory, a bullish asset goes through a five-wave trend, with the third wave representing the longest uptrend. The analyst notes that Bitcoin is currently in the middle of its third wave rally and therefore exhibits an uptrend. This wave could be stronger than previous rallies and push BTC to new highs.
“Yes, I am currently accompanying the ongoing third wave run. “I’m pretty sure Credible Crypto (a different analyst) is too.”
According to Bluntz’s chart, Bitcoin is expected to complete its third wave rally at $50,000. However, after this rise, a fourth wave correction is expected to occur, and it is stated that the price of Bitcoin may drop to $ 42,500 during this correction process. The general volatility and market dynamics of cryptocurrencies can be considered as a natural consequence of such fluctuations.
Bluntz’s chart analysis shows that Bitcoin could reach $60,000 for the fifth and final wave before September 2024. However, it should be noted that such estimates may vary, given the complex and uncertain nature of cryptocurrencies. There are many factors that affect the prices of cryptocurrencies and market conditions can change rapidly.
At press time, Bitcoin is trading at $37,785.
The crypto strategist also shared his perspective on smart contract platform Solana (SOL). updating. According to Bluntz, Solana is poised for a steep rise after forming a local bottom around $55.
“Don’t waste your last chance before $80 SOL.”
You can follow the current price movement here.