A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom is laying out a price path to $60,000 for the crypto king.
Pseudonymous analyst Bluntz tells his 229,700 followers on the social media X platform that Bitcoin looks really bullish as it is in the midst of a wave three rally.
Bluntz practices the Elliott Wave theory, a technical analysis method that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave uptrend with the third wave representing the longest leg up.
Says Bluntz,
“Yeah, I’m running with the extended wave three currently underway. Fairly sure Credible Crypto is as well.”
Looking at the trader’s chart, he appears to predict that BTC will end its wave-three rally at $50,000 before a wave-four correction down to $42,500. The chart also shows Bitcoin hitting $60,000 for the fifth and final wave before September 2024.
At time of writing, Bitcoin is trading for $37,787.
The crypto strategist is also updating his outlook on the smart contract platform Solana (SOL). According to Bluntz, Solana is primed to go on a steep rally after printing a local bottom at around $55.
“Don’t squander your last shot before $80+ SOL.”
At time of writing, SOL is trading at $58.67.
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Generated Image: Midjourney
