Crypto analyst Bluntz Capital has predicted a robust price surge for Bitcoin within the coming days, and a brand new all-time excessive could possibly be within the books. Bluntz dropped his two cents on Bitcoin’s trajectory on the social media platform X, amidst numerous value outlooks for the cryptocurrency in latest days.
Bluntz is well-known for a few of his correct predictions relating to BTC, significantly throughout the 2018 bear market. His latest evaluation relies on the Elliott Wave Concept, a type of technical evaluation that has been employed by numerous analysts in latest months to evaluate Bitcoin’s future outlook.
Contemporary BTC All-Time Excessive
Value motion in latest months has seen Bitcoin taking pictures previous numerous value ranges with the intention to create a brand new all-time excessive since November 2021. Nevertheless, the value of BTC has but to considerably cross over the $70,000 mark once more because it reached its present excessive of $73,794.
In accordance with Bluntz Capital, that is set to alter very quickly, together with his outlook for Bitcoin nonetheless extraordinarily bullish, in accordance with Elliott Wave Concept. The Elliott wave principle is actually a market motion of 5 waves within the course of the bigger pattern and a three-wave correction within the reverse pattern. This evaluation has significantly been helpful to have a look at market traits in each the quick and macro phrases.
Per Bluntz in his 3-day BTC value chart shared on X, the present value motion of BTC is that of a smaller bullish Impulse Wave 5 in a bigger Wave 3 bull pattern within the Elliot Wave Concept. Consequently, Bluntz famous that we haven’t seen the highest of Bitcoin this cycle but, and the crypto might attain a brand new all-time excessive within the subsequent one to 2 weeks.
anticipating contemporary #btc ath inside the subsequent 1-2 weeks.
from a macro standpoint i believe have been at the moment in a wave 5 of a bigger w3 with a couple of legs greater nonetheless to return.
finally anticipating us to high out round 120k this cycle. pic.twitter.com/rX11SEUPf0
— Bluntz (@Bluntz_Capital) April 22, 2024
How Excessive Can Bitcoin Go This Cycle?
As BTC continues its bull run this cycle after the just concluded halving, many traders are questioning simply how high it can go. Analysts who examine the Bitcoin halving cycles imagine we nonetheless have a protracted strategy to go earlier than reaching the height based mostly on historic patterns.
In accordance with Bluntz Capital, Bitcoin ought to high out at round $120,000 on this cycle. In an earlier Bitcoin analysis, the analyst famous that there could possibly be one other rejection instantly after BTC crosses over $74,000 once more. This rejection might see BTC fading again to a decrease finish of $64,000 earlier than occurring the true run up into new value territory.
Most analysts are of the notion that the value of Bitcoin will reach six-figure territory within the coming months. Different analysts like Michael Sullivan are additionally optimistic, estimating BTC might attain $250,000 in the long run.
On the time of writing, Bitcoin is buying and selling at $66,178, up by 9.9% because the halving on April 19.
BTC bulls push value towards $67,000 | Supply: BTCUSD on Tradingview.com
Featured picture from Medium, chart from Tradingview.com