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Home»Analysis»Analyst Says Bitcoin Structure Bullish, Predicts Parabolic Rally for ‘Impulsive’ BTC – Here Are His Targets
Analysis

Analyst Says Bitcoin Structure Bullish, Predicts Parabolic Rally for ‘Impulsive’ BTC – Here Are His Targets

2023-11-05No Comments2 Mins Read
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A widely followed crypto analyst is predicting a parabolic rally for Bitcoin (BTC) as the structure shows bullish signs.

In a new strategy session, pseudonymous crypto trader Bluntz say that the slight pullback that king crypto experienced overnight will likely serve as a bottom as the price continues to rise.

“It wouldn’t surprise me if I thought so [the dip] was the low point for Bitcoin, and it was a shallow low point [so] we potential [can] go higher.”

Source: Bluntz/YouTube

The crypto strategist goes on to say that the leading cryptocurrency, as measured by market capitalization structure, indicates that the next step will be a huge leap forward.

“If you’re looking for a long position in Bitcoin, I think you’d probably want to have a decent stop, maybe here at $33,500, but I think this next move up – I think Bitcoin is still very, very, very much is worth. impulsive.”

Interpreting the chart using Elliott Wave Theory, a form of five-wave financial analysis that predicts market trends by examining extremes in investor psychology and price, Bluntz predicts a parabolic rise for BTC, putting it somewhere near the $50,000 could land.

“I think overall the structure for Bitcoin is still very bullish and has the potential to go much higher…

[It] will probably be in the [$50,000s]…There is a possibility that one of these waves will probably extend much higher than we can imagine, because that seems to be happening [to] Bitcoin too, at some point it just goes parabolic and I think that’s probably going to happen at the stage we’re in now.

I am still very optimistic about Bitcoin. I think this nighttime dip is probably a gift. I don’t think there is a top in my opinion. I think the bottom has probably been reached here.”

Bitcoin is trading at $34,487 at the time of writing, down fractionally over the past 24 hours.

See also  Why the issue insists on an XRP ETF, Bullish is to bring NFTs to Wall Street

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