A crypto strategist who bottomed out Bitcoin’s (BTC) bear market in 2018 believes the top digital asset is gearing up for a rally to a new two-year high.
Pseudonymous analyst Bluntz tells his 235,600 followers on social media platform X that Bitcoin is now in the midst of a five-wave move to the upside.
The crypto trader shares a chart suggesting BTC could rise to $50,000 in the coming days as the market holds its breath ahead of the possible adoption of spot-based Bitcoin exchange-traded funds (ETFs).
“The big week is coming. BTC traded sideways all weekend in anticipation of this week’s news.
My preference for BTC is something like this: We peak on ETF announcement news and then begin a deeper pullback that exceeds the range lows.
As BTC makes new highs, judging by the altcoin price action this weekend, I think a few will make new highs as well, but quite a few will end up making lower highs and not making new highs.”
Bluntz is a popular practitioner of Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by monitoring crowd psychology that often manifests itself in waves. According to the theory, a bullish asset witnesses a five-wave rally before a three-wave move down.
Looking at the trader’s chart, he appears to be predicting that Bitcoin will rise above $50,000 to end its fifth wave, which will then trigger a three-wave correction to $38,000.
At the time of writing, Bitcoin is trading at $46,414, up over 6.5% in the past 24 hours.
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