A well-respected cryptocurrency expert, recognized for his accurate calls on the market lows during the 2018 cryptocurrency crash, has now expressed confidence that Bitcoin will reach a new record high within the coming 1-2 weeks.
On microblogging site X, where Bluntz Capital has over 250,000 followers, he recently posted his prediction: Bitcoin’s price could peak at around $120,000 during this market cycle based on the current trend he identifies as wave five.
Based on the bigger picture analysis, I believe we’re in the final fifth wave of a longer-term bullish trend for Bitcoin, with some more price increases yet to be seen before reaching a peak around $120,000 in this cycle. Expecting a new all-time high for Bitcoin within the next 1-2 weeks.
— Bluntz (@Bluntz_Capital) April 22, 2024
The Elliott Wave Theory, which Bluntz employs, is a well-known technical analysis method that proposes the price action of an asset follows a distinct, five-part pattern. According to this theory, market trends are shaped by investor behavior and usually involve a five-wave advance in line with the dominant trend, followed by a three-wave correction.
In the 1920s, Ralph Nelson Elliott discovered the Elliott Wave theory by noticing and analyzing repeating, complex wave formations akin to fractals. The foundation of these wave structures lies in crowd behavior and psychoanalysis.
According to a report by CryptoGlobe, an analyst previously examined Bitcoin’s “worst-case scenario,” anticipating it would happen before the major surge. On a social media site, the analyst disclosed this predicted event would involve Bitcoin dropping below its current peak, while investors would purchase the dip in belief that it will continue to escalate due to expectations of a triangle breakout.
According to his statement, Bitcoin’s price may retreat to the lower part of its range once more before experiencing another rise. Based on his projections, Bitcoin could dip down to approximately $64,000 prior to climbing up to around $82,000.
According to recent reports, experienced trader and market analyst Peter Brandt, who is well-known in both traditional markets and cryptocurrency for accurately predicting major price movements, including Bitcoin’s 84% drop in 2018, now believes that Bitcoin’s price will rise significantly and approach $80,000 in the coming period.
Peter Schiff, Euro Pacific Capital’s CEO and renowned Bitcoin skeptic, has advised investors against holding Bitcoin. Instead, he suggests selling it now and investing in gold and silver as an alternative. For those who don’t take his advice, he bluntly states, “You’ll have fun being poor.”
Notable is Bluntz’s prediction from June 2018, when he forecasted the bear market causing bitcoin’s price to plummet from its record-high close to $20,000 would conclude with the digital coin being traded around $3,200. This estimation came remarkably close to reality, as BTC reached this level in December of that year.
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2024-04-23 01:29