A prominent analyst renowned for making accurate crypto predictions is sounding the alarm about a potentially tough scenario facing Bitcoin (BTC).
Bluntz, a pseudonymous trader with a substantial following of 254,100 on the social media platform X, has identified an ABC corrective move on Bitcoin’s daily chart. Following the Elliott Wave theory, Bluntz suggests that Bitcoin is likely to experience a consolidation phase within this corrective wave after a previous five-wave uptrend.
In his own words, Bluntz explains, “Max pain on BTC is take out the highs, make everyone FOMO back in and think it’s some kind of triangle breakout then BAM, fade back into the lower end of the range again before the real run-up.”
According to Bluntz’s analysis, Bitcoin could potentially reach $76,000 before a drop to $64,000, followed by a surge to a new all-time high of $82,000. As of the current writing, Bitcoin is valued at $69,296, showing a decrease of nearly 4% in the past 24 hours.
In addition to Bitcoin, Bluntz is closely monitoring the price movements of gold. He suggests that gold might be on the brink of a significant rally, with prices possibly exceeding $3,600. Bluntz comments, “Gold really is about to start going parabolic after a decade of barely beating inflation.” At present, the price of gold stands at $2,352.
The analyst is also focusing on the Solana versus Bitcoin (SOL/BTC) pair. Bluntz believes that SOL/BTC could have reached a temporary bottom around 0.00246 BTC ($170) after completing an ABC corrective wave. He notes, “Ok, we swept that low and now we have an hourly bullish divergence on SOL/BTC. I’m pretty sure that’s the low.” As of now, SOL/BTC is trading at 0.00249 BTC ($172).
Throughout these analyses and predictions, Bluntz continues to provide valuable insights and perspectives for traders and enthusiasts in the crypto industry.
