A popular crypto analyst, known as Bluntz, thinks Bitcoin (BTC) still has room to grow. He believes the current bull market isn’t over yet and could continue until early 2025.
Elliott Wave Theory Points to Potential $100,000 Bitcoin
Bluntz uses the Elliott Wave theory to analyze Bitcoin’s price movements. This theory suggests that prices move in a pattern of five waves, with corrections happening in three waves. Bluntz believes Bitcoin has just completed the fourth wave of a five-wave pattern on the weekly chart.
He’s predicting that Bitcoin could reach a price of nearly $100,000 as it completes the fifth wave, which started in late 2022.
Bullish Divergence Signals Potential Reversal
Bluntz also points to a bullish divergence signal on Bitcoin’s daily chart. This means that while Bitcoin’s price is trending downwards, a technical indicator called the Relative Strength Index (RSI) is trending upwards.
Bullish divergences often signal a shift from a downtrend to an uptrend. Bluntz is surprised that more people aren’t talking about this potential reversal.
Remember: This is just one analyst’s opinion. It’s important to do your own research before making any investment decisions. Crypto markets are volatile and risky.
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