A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom believes that the crypto king is set for a Santa Claus rally.
Pseudonymous analyst Bluntz tells his 230,400 followers on the social media platform X that Bitcoin spent about 38 days consolidating below $40,000 from late October to the end of November.
According to the crypto strategist, the consolidation period has allowed Bitcoin to build a base for a strong rally this month.
“We just had a very nice and healthy month-long vertical accumulation on BTC, these sideways corrections build steam for the next leg up which I believe will take us up to $46,000+ minimum.
Enjoy the Santa rally, ho ho ho.”
Although Bluntz is eyeing $46,000 as his minimum upside target this month, he says that Bitcoin will likely not stop there. The crypto strategist believes that Bitcoin is in the midst of a parabolic surge that can take it to as high as $65,000 in Q1 of 2024.
“BTC well and truly going parabolic now.
Has all the characteristics of a wave three underway.
Enjoy the ride and for the love of god don’t overtrade.”
Bluntz practices the Elliott Wave theory, a technical analysis method that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through five waves, with wave three being the strongest and longest move up.
At time of writing, Bitcoin is trading for $44,048, up nearly 5% in the past day.
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