A widely followed crypto trader is predicting that Bitcoin (BTC) will suddenly soar in price and reach a new all-time high while many are caught on the sidelines.
Pseudonymous analyst Bluntz tells his 226,800 followers on the social media platform X that Bitcoin may be in the early stages of a strong impulse that could take BTC near the $60,000 level in a matter of weeks.
Bluntz is a practitioner of Elliot Wave theory, which attempts to forecast price movements based on crowd psychology that tends to manifest in waves. The trader says he believes that Bitcoin is likely in the third phase of a 5-wave pattern to the upside.
“Wholeheartedly believe BTC is probably in a macro wave 3 now and many are unprepared for how hard and fast this will run with minimal pullbacks relative to what they are expecting based on the pullbacks we had during the earlier parts of this year.
Those multi-month 30% dips are gone. I think we’ll get 20% dips along the way, but they’ll happen and recover MUCH faster moving forward.”
Based on his chart, Bluntz appears to suggest that Bitcoin will reach new highs in mid to late 2024, with the fifth wave of the impulse putting BTC through the $76,000 level.
Bitcoin is trading for $34,695 at time of writing.
The trader also recently said he expects explosive moves to the upside for two altcoins, Ocean Protocol (OCEAN), a data-sharing digital asset with a focus on AI, and decentralized oracle provider Chainlink (LINK).
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