A widely followed crypto trader is predicting that Bitcoin (BTC) will suddenly soar in price and reach a new all-time high while many are caught on the sidelines.
Pseudonymous analyst Bluntz tells his 226,800 followers on the social media platform X that Bitcoin may be in the early stages of a strong impulse that could take BTC near the $60,000 level in a matter of weeks. Bluntz is a practitioner of Elliot Wave theory, which attempts to forecast price movements based on crowd psychology that tends to manifest in waves. The trader says he believes that Bitcoin is likely in the third phase of a 5-wave pattern to the upside.
Bluntz believes that the pullbacks in Bitcoin's price will be minimal compared to previous years. While there may be 20% dips along the way, they are expected to happen and recover much faster than the multi-month 30% dips seen earlier this year.
Based on his chart, Bluntz suggests that Bitcoin will reach new highs in mid to late 2024, with the fifth wave of the impulse putting BTC through the $76,000 level.
In addition to Bitcoin, Bluntz also expects explosive moves to the upside for two altcoins: Ocean Protocol (OCEAN) and Chainlink (LINK). Ocean Protocol is a data-sharing digital asset with a focus on AI, while Chainlink is a decentralized oracle provider.
According to the predictions of the crypto trader Bluntz, Bitcoin is expected to experience a strong impulse towards the $60,000 level in the coming weeks. The trader believes that Bitcoin is currently in the third phase of a 5-wave pattern to the upside and expects minimal pullbacks along the way. Bluntz also suggests that Bitcoin will reach new all-time highs by 2024, with the fifth wave of the impulse pushing BTC through the $76,000 level. Additionally, Bluntz predicts explosive moves to the upside for altcoins Ocean Protocol and Chainlink. Investors should consider these predictions and do their own research before making any investment decisions.
