A trader who nailed the lowest price of Bitcoin’s (BTC) 2018 bear market says the crypto king is preparing to take out this year’s highs.
In a new video, pseudonymous analyst Bluntz tells his 224,500 followers on the social media platform X that BTC is likely to witness more corrective moves before regaining its bullish momentum.
Bluntz uses the Elliott Wave theory in his analysis, a technical analysis approach attempting to predict future price action by following crowd psychology, which tends to manifest in waves. According to the theory, a five-wave rally is usually followed by an ABC pattern where the asset gives up some of its gains before starting a fresh move to the upside.
According to the crypto strategist, BTC has already completed a five-wave move to the upside from about $16,000 to $32,000 and is now in the midst of an ABC correction that will likely see Bitcoin drop all the way down to the $23,000 price level.
The analyst says that BTC is currently in the early stages of the C wave where he expects Bitcoin to go through a five-wave correction en route to its downside target.
Once the ABC correction is over, Bluntz says that he expects BTC to resume its uptrend.
“Once we see this final fifth wave and all of its sub-divisions within this final fifth wave complete, I think that’s probably the point [where] we start basing out and finding a low and then moving up to new highs and taking out these $32,000 highs.
Still a little bit of time left. It’s probably going to take another month or so to unfold.”
At time of writing, Bitcoin is worth $25,763.
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