A renowned cryptocurrency analyst, known as Bluntz, believes that Bitcoin (BTC) is poised for a substantial rally, potentially reaching levels not seen since December 2021. Bluntz, with a significant following on social media, suggests that Bitcoin is undergoing a wave-three surge, based on the Elliott Wave theory. This theory attempts to predict price action by studying crowd psychology, which tends to manifest in waves.
According to Bluntz, Bitcoin could potentially reach $50,000 before correcting and then rallying to $52,000, marking the end of its major third wave. He believes that Bitcoin is currently exhibiting impulsive bullish momentum and is likely to continue its upward trajectory.
However, not all analysts share Bluntz’s short-term optimism. Rager, another crypto analyst, believes that the current Bitcoin rally may not be strong enough to reach new yearly highs. He expects Bitcoin to resume its uptrend after the April halving, when miners’ rewards are reduced by half.
As of the time of writing, Bitcoin is trading at $47,323, having experienced a 2.70% increase in the past 24 hours.