Crypto Trader Predicts Bitcoin Surge to $110,000, Describes BTC as a ‘Powerhouse’
A trader who accurately predicted the crypto market bottom in 2018 has now revealed his forecast for Bitcoin’s surge to $110,000, describing BTC as a formidable force. Bybit’s top Master Trader, known as Bluntz, shared with his large following on the social media platform X that Bitcoin is currently undergoing a five-wave upsurge towards new record levels.
Utilizing Elliott Wave theory, which posits that a bullish asset typically experiences a five-wave rally consisting of upward movements in waves one, three, and five, and corrective phases in waves two and four, Bluntz expressed his insights. According to him, the recent weekly performance of BTC has been exceptionally strong, rising steadily from its lows on July 8th. He anticipates a potential pullback around $71,000, as those who had stayed on the sidelines may jump back in due to FOMO (fear of missing out), a common occurrence in efficient markets.
Bluntz’s analysis suggests that Bitcoin could correct to $60,000 for wave two before embarking on a significant upswing to reach as high as $110,000 to complete the five-wave bullish trend. At the time of reporting, Bitcoin was trading at $68,148, reflecting a daily increase of over 1%.
Moreover, the trader is closely monitoring Popcat, a meme token based on Solana (SOL). Bluntz expressed optimism about the memecoin, expecting it to surge further after establishing support above its previous all-time high level at $0.73.
Popcat’s current value stands at $0.912. The trader’s insights provide valuable perspectives on the potential trajectory of both Bitcoin and select altcoins, offering a glimpse into the evolving dynamics of the crypto market.
The market dynamics and price movements in the crypto space continue to attract attention from traders and investors alike, with each development offering new opportunities and challenges. As the industry evolves, staying informed about the latest trends and forecasts can be crucial for navigating the volatile crypto landscape effectively.
