Crypto analyst Bluntz Capital has predicted a powerful worth surge for Bitcoin within the coming days, and a brand new all-time excessive may very well be within the books. Bluntz dropped his two cents on Bitcoin’s trajectory on the social media platform X, amidst varied worth outlooks for the cryptocurrency in current days.
Bluntz is well-known for a few of his correct predictions relating to BTC, significantly throughout the 2018 bear market. His current evaluation is predicated on the Elliott Wave Concept, a type of technical evaluation that has been employed by varied analysts in current months to evaluate Bitcoin’s future outlook.
Recent BTC All-Time Excessive
Value motion in current months has seen Bitcoin taking pictures previous varied worth ranges as a way to create a brand new all-time excessive since November 2021. Nevertheless, the worth of BTC has but to considerably cross over the $70,000 mark once more because it reached its present excessive of $73,794.
In keeping with Bluntz Capital, that is set to vary very quickly, along with his outlook for Bitcoin nonetheless extraordinarily bullish, in accordance with Elliott Wave Concept. The Elliott wave idea is actually a market motion of 5 waves within the path 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 tendencies in each the quick and macro phrases.
Per Bluntz in his 3-day BTC worth chart shared on X, the present worth 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 may attain a brand new all-time excessive within the subsequent one to 2 weeks.
anticipating recent #btc ath throughout the subsequent 1-2 weeks.
from a macro standpoint i believe had been presently in a wave 5 of a bigger w3 with just a few legs larger nonetheless to come back.
in the end 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 simply concluded halving, many buyers are questioning simply how excessive it may possibly go. Analysts who examine the Bitcoin halving cycles imagine we nonetheless have a protracted option to go earlier than reaching the height based mostly on historic patterns.
In keeping with Bluntz Capital, Bitcoin ought to high out at round $120,000 on this cycle. In an earlier Bitcoin evaluation, the analyst famous that there may very well be one other rejection instantly after BTC crosses over $74,000 once more. This rejection may see BTC fading again to a decrease finish of $64,000 earlier than occurring the actual run up into new worth territory.
Most analysts are of the notion that the worth of Bitcoin will attain six-figure territory within the coming months. Different analysts like Michael Sullivan are additionally optimistic, estimating BTC may 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 worth towards $67,000 | Supply: BTCUSD on Tradingview.com
Featured picture from Medium, chart from Tradingview.com