A widely followed cryptocurrency analyst believes that Bitcoin (BTC) is on the verge of rallying to a level last seen in December 2021.
The analyst pseudonymously known as Bluntz tells his 239,400 followers on the social media platform X that Bitcoin appears to be in the midst of a wave-three surge.
The analyst practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to witness a five-wave move up with the third wave being the longest and strongest rally.
Bluntz shares a chart suggesting that BTC could end its major third wave once it hits $50,000 before correcting and rallying to $52,000.
“BTC leading the pack today and now looking impulsive to the upside, definitely starting to look like a wave three up to new highs is underway.”
But while Bluntz is short-term bullish on Bitcoin, fellow crypto analyst Rager thinks that the current BTC rally doesn’t have the legs to print a fresh-yearly high. According to Rager, he expects Bitcoin to start resuming its uptrend after its April halving when miners’ rewards are cut in half.
“As bullish as I am on Bitcoin and this market, I still don’t think BTC hits new highs until months after halving.
I’d love to be wrong on this opinion.”
Bitcoin is trading at $47,323 at time of writing, up more than 2.70% in the last 24 hours.
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Source: https://dailyhodl.com/2024/02/10/bitcoin-on-the-cusp-of-an-impulsive-move-to-the-upside-according-to-top-analyst-here-are-his-targets/