A crypto analyst who accurately predicted the bottom of the 2018 Bitcoin bear market believes the cryptocurrency has more room to grow.
Wave Three Surge
According to the analyst, Bluntz, Bitcoin is currently in the midst of a “wave three surge” in the monthly timeframe. Bluntz uses Elliott Wave theory, which attempts to predict price action based on crowd psychology.
Bullish Target
Bluntz expects Bitcoin to continue its rally and reach a target of $120,000 to $130,000 before the five-wave rise ends. He believes this cycle will have lower multiples than previous ones, and $120,000 to $130,000 is a reasonable estimate for the peak.
Current Price
At the time of writing, Bitcoin is trading at $64,778, up over 5% in the past day. Bluntz’s prediction implies a potential gain of around 100% from current levels.
