November 1, 2023
A trader who accurately predicted the bottom of Bitcoin's 2018 bear market believes that the cryptocurrency is on the verge of another significant upward movement. The trader, known as Bluntz, has a large following on the social media platform X and has identified a bullish pennant pattern in Bitcoin's current consolidation phase.
Bluntz explains that Bitcoin's sideways structure is still intact and highlights the recent breakthrough of key resistance levels at $32,000 and $34,000. This breakout from the bullish continuation pattern suggests that Bitcoin could rally to around $37,000.
Bluntz also notes that Bitcoin's trading range is starting to narrow, indicating an imminent major move. The trader predicts an upside breakout and emphasizes the importance of closely monitoring the direction of this move.
Taking a broader perspective, Bluntz compares Bitcoin's current situation to previous bull cycles. The trader shares a chart illustrating how Bitcoin broke out of its accumulation zone and surged to as high as $60,000. Bluntz believes that the ongoing breakout has the potential to be as significant as the breakouts in October 2020 and April 2019.
In conclusion, Bluntz's analysis suggests that Bitcoin is on the cusp of another significant upward movement. The trader advises caution for those who are short-term bearish and recommends holding a portion of Bitcoin as a long-term investment. As of now, Bitcoin is trading at $34,552, and investors should closely monitor the market for any breakout or major move.