Bitcoin to Drop Before New Highs, Analyst Predicts

A popular crypto analyst believes Bitcoin (BTC) will dip one last time before soaring to record highs.

Bull Pennant Pattern

Bluntz, a pseudonymous analyst, says BTC is forming a “bull pennant” pattern on its three-day chart. This suggests a final leg down to around $60,000, setting the stage for a rally above $80,000.

$87,500 Target

Bluntz predicts BTC could reach $87,500 by year-end.

Memecoin Watch

Bluntz is also monitoring the memecoin dogwifhat (WIF), which he believes is bearish and could drop to $1.

Elliott Wave Theory

Bluntz uses Elliott Wave theory, which suggests that after a five-wave rally, an asset typically undergoes an ABC correction. He believes WIF has completed its five-wave surge and is now in the ABC correction phase.