Bitcoin Surges Past $60,000, Analyst Sets Bullish Target
A cryptocurrency expert, recognized for accurately predicting Bitcoin market bottoms, is optimistic about the potential for BTC to spark significant price surges, ultimately reaching new record highs.
The analyst, known as Bluntz, shared insights with a substantial following on the social media platform X, indicating that Bitcoin may have concluded a complex ABC correction phase after closing the previous week above the $60,000 mark. Employing Elliott Wave theory, Bluntz suggests that Bitcoin typically experiences a forceful five-wave upsurge following a three-wave corrective pattern.
In his analysis, Bluntz observed, “The current price action seems to indicate an accumulation phase. If Bitcoin surpasses the $60,000 threshold once more, it could signify the beginning of a new upward momentum.” Visual representations accompanying the trader’s commentary depict a potential rally in Bitcoin’s value, potentially leading to a fresh peak around $80,000.
Presently, Bitcoin is trading at $62,954, reflecting a more than 4% increase over the past day. Furthermore, Bluntz highlighted a bullish divergence pattern evident on Bitcoin’s daily chart, signaling a potential reversal as the asset gains momentum despite price fluctuations or sideways movement.
Commenting on this divergence, Bluntz remarked, “It’s interesting that there hasn’t been much discussion about the bullish divergence on Bitcoin’s daily chart. It appears confidence has been significantly shaken.”
Looking ahead, Bluntz envisions the current bullish market trend persisting until early 2025, dispelling concerns about the market cycle nearing its end. According to his analysis, Bitcoin could be on the verge of embarking on its fifth and final major wave for this cycle, potentially propelling its value to $100,000.
In conclusion, the outlook presented by Bluntz paints a positive trajectory for Bitcoin’s future performance, with potential milestones including significant price rallies and the establishment of new all-time highs. Investors and enthusiasts alike are closely monitoring these developments as the cryptocurrency market continues to evolve.
