Bitcoin Analyst Predicts Further Upside For BTC Price, Reveals Cycle Top
Crypto analyst Bluntz Capital has predicted a strong price surge for Bitcoin in the coming days, and a new all-time high could be in the books. Bluntz dropped his two cents on Bitcoin’s trajectory on the social media platform X, amidst various price outlooks for the cryptocurrency in recent days.
Bluntz is well known for some of his accurate predictions regarding BTC, particularly during the 2018 bear market. His recent analysis is based on the Elliott Wave Theory, a form of technical analysis that has been employed by various analysts in recent months to assess Bitcoin’s future outlook.
Fresh BTC All-Time High
Price action in recent months has seen Bitcoin shooting past various price levels in order to create a new all-time high since November 2021. However, the price of BTC has yet to substantially cross over the $70,000 mark again since it reached its current high of $73,794.
According to Bluntz Capital, this is set to change very soon, with his outlook for Bitcoin still extremely bullish, according to Elliott Wave Theory. The Elliott wave theory is essentially a market movement of five waves in the direction of the larger trend and a three-wave correction in the opposite trend. This analysis has particularly been useful to look at market trends in both the short and macro terms.
Per Bluntz in his 3-day BTC price chart shared on X, the current price action of BTC is that of a smaller bullish Impulse Wave 5 in a larger Wave 3 bull trend in the Elliot Wave Theory. Consequently, Bluntz noted that we haven’t seen the top of Bitcoin this cycle yet, and the crypto could reach a new all-time high in the next one to two weeks.
expecting fresh #btc ath within the next 1-2 weeks.
from a macro standpoint i think were currently in a wave 5 of a larger w3 with a few legs higher still to come.
ultimately expecting us to top out around 120k this cycle. pic.twitter.com/rX11SEUPf0
— Bluntz (@Bluntz_Capital) April 22, 2024
How High Can Bitcoin Go This Cycle?
As BTC continues its bull run this cycle after the just concluded halving, many investors are wondering just how high it can go. Analysts who study the Bitcoin halving cycles believe we still have a long way to go before reaching the peak based on historical patterns.
According to Bluntz Capital, Bitcoin should top out at around $120,000 in this cycle. In an earlier Bitcoin analysis, the analyst noted that there could be another rejection immediately after BTC crosses over $74,000 again. This rejection could see BTC fading back to a lower end of $64,000 before going on the real run up into new price territory.
Most analysts are of the notion that the price of Bitcoin will reach six-figure territory in the coming months. Other analysts like Michael Sullivan are also optimistic, estimating BTC could reach $250,000 in the long term.
At the time of writing, Bitcoin is trading at $66,178, up by 9.9% since the halving on April 19.
BTC bulls push price toward $67,000 | Source: BTCUSD on Tradingview.com
Featured image from Medium, chart from Tradingview.com
