crypto analyst Bluntz Capital has predicted a strong bitcoin/halving-block-bitcoin-840000/” rel=”nofollow noopener” target=”_blank”>bitcoin price rise in the coming days, and a new all-time high could be in the books. Bluntz gave his two cents on bitcoin's trajectory on social media platform x, amid various price outlooks for the cryptocurrency in recent days.
Bluntz is well known for some of his accurate predictions on btc, particularly during x.com/Bluntz_Capital/status/1113271710055161856″ rel=”nofollow” target=”_blank”>the bear market of 2018. His recent analysis is based on Elliott wave theory, a form of technical analysis that has been employed by several analysts in recent months to assess bitcoin's future prospects.
New btc all-time high
Price action in recent months has seen bitcoin skyrocket past several price levels to create a new all-time high since November 2021. However, btc price has yet to substantially cross the $70,000 mark again since which reached its current high of $73,794.
According to Bluntz Capital, this will change very soon, and their outlook for bitcoin remains extremely optimistic, based on Elliott Wave Theory. Elliott wave theory is essentially a five-wave market move in the direction of the broader trend and a three-wave correction in the opposite trend. This analysis has been particularly useful in observing market trends in both the short and macro term.
According to Bluntz in his 3-day btc price chart shared on . Consequently, Bluntz noted that we have yet to see the top of bitcoin in this cycle, and the crypto could hit a new all-time high in the next one to two weeks.
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waiting fresh twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#btc ath within the next 1-2 weeks.
From a macro point of view, I think we are currently in wave 5 of a larger w3 with some higher legs still to come.
Ultimately, we expect us to peak around 120,000 this cycle. pic.twitter.com/rX11SEUPf0
– Bluntz (@Bluntz_Capital) twitter.com/Bluntz_Capital/status/1782251187695436089?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>April 22, 2024
How high can bitcoin go in this cycle?
As btc continues its bull run this cycle after bitcoin/halving-block-bitcoin-840000/” rel=”nofollow noopener” target=”_blank”>the just-concluded halvingmany investors simply wonder how high can it go. Analysts who study bitcoin halving cycles believe we still have a long way to go before peaking based on historical patterns.
According to Bluntz Capital, bitcoin should peak around $120,000 this cycle. in a x.com/Bluntz_Capital/status/1777491029882704222″ rel=”nofollow” target=”_blank”>previous bitcoin analysis, the analyst noted that there could be another rejection immediately after btc crosses $74,000 again. This rejection could see btc retreat to a lower end of $64,000 before rising to new price territory.
Most analysts believe that the price of bitcoin bitcoin/bitcoin-tipped-to-attain-six-figure-value-following-fourth-halving-details/” rel=”nofollow noopener” target=”_blank”>will reach six figure territory in the coming months. Other bitcoin-news/conservative-projection-places-bitcoin-at-245000-in-5-years/” rel=”nofollow noopener” target=”_blank”>analysts like Michael Sullivan They are also optimistic and estimate that btc could reach $250,000 in the long term.
At the time of writing, bitcoin is trading at $66,178, up 9.9% since the halving on April 19.
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btc bulls push price toward $67,000 | Source: BTCUSD on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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