In a turn of events, a seasoned trader renowned for accurately predicting the bottom of the 2018 bear market for Bitcoin (BTC) now believes that the leading cryptocurrency, Bitcoin, has transformed into a bull market.
Why does he think this? What proof supports his views? Read on.
Bitcoin Price Prediction
Bluntz, a well-known trader, recently shared his perspective on Bitcoin’s current rally via X. He believes that this surge has reshaped the future price trajectory of the cryptocurrency.
The recent upswing in Bitcoin’s price can be directly attributed to the recent approval of the Valkyrie fund by the U.S. Securities and Exchange Commission (SEC). As a result, Bitcoin has experienced a notable 8% gain within just one week, soaring from $27,100 to its current value of $28,250.
Also Read: Bitcoin Price Prediction for Q4 of 2023: Is Now the Right Time to Buy?
Shifting the outlook
Bluntz had previously based his predictions on the Elliott Wave theory, forecasting a Bitcoin price drop to $24,430 before ultimately reaching the coveted $30,000 mark. However, with Bitcoin’s recent ascent beyond the $27,000 threshold, Bluntz now sees a brighter picture.
He said, “Bitcoin’s doing better, and that old idea of going down is no longer valid. It’s time to stop thinking negatively.”
AVAX Is Rising!
Apart from monitoring Bitcoin, Bluntz also keeps a close watch on another cryptocurrency known as Avalanche, abbreviated as AVAX. Often considered a contender to Ethereum, Bluntz is optimistic about AVAX’s prospects, especially after a challenging year that saw it lose over half its value.
“AVAX is looking good on the weekly chart, and it’s been through a tough year. I think it might start going up by quite a bit.”
Read More: AVAX Price Analysis: Will Avalanche Sail Smooth To $12?
Source: https://coinpedia.org/bitcoin/crypto-market-analysis-is-this-end-of-the-bear-market-heres-what-next-for-bitcoin-price/