Bitcoin on the Cusp of an Impulsive Move to the Upside, According to Top Analyst – Here Are His Targets

By The Daily Hodl February 10, 2024 In Bitcoin
Source: Bluntz/X

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.”

Source: Bluntz/X

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.

Generated Image: DALLE-3

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