Bitcoin‘s price experienced a noticeable decline today, slipping below the $63,000 mark. Despite reaching $65,000 just yesterday, the drop has raised some concerns. However, market sentiment largely remains upbeat among participants.
Analyst’s Perspective on Bitcoin
A well-regarded cryptocurrency analyst, Bluntz, who is known for accurately predicting market bottoms, has shared a bullish outlook on Bitcoin. According to Bluntz, Bitcoin is poised for a significant rally, aiming to revisit its previous highs. Using Elliott Wave theory, he believes that Bitcoin is currently in the final leg of a five-wave upward movement.
What is the Elliott Wave Theory?
The Elliott Wave theory posits that markets move in predictable five-wave patterns during an uptrend. The first, third, and fifth waves represent impulsive movements, while the second and fourth are corrective phases. Bluntz noted that the weekly candle close was particularly strong, indicating that Bitcoin is likely heading towards new all-time highs.
In his analysis, Bluntz pointed out the symmetry between the second and fourth waves, each lasting approximately 150 days. This suggests a healthy wave structure. He emphasized that higher time frame charts, such as weekly and monthly charts, often provide the most reliable signals.
Concrete Inferences
Based on the information provided by the analyst, the following actionable insights can be drawn:
- Bitcoin’s next potential price targets are set between $85,000 to $100,000, with a possibility of reaching up to $115,000.
- Investors should closely monitor the weekly and higher time frame charts for more reliable market signals.
- The current accumulation trend indicates increasing interest despite the recent price dip, suggesting a strong bullish sentiment.
After a recent surge to $65,000, Bitcoin has faced a continuous decline, reaching $62,000 after a 2% drop within the last 24 hours. Despite this price drop, Bitcoin’s market cap now stands at $1.231 trillion, and its trading volume has increased by 33% to $29.9 billion, highlighting an intensified accumulation phase.
In terms of the BTC/TRY pair, Bitcoin is currently trading at 2,113,000 TL, maintaining its position above 2,000,000 TL despite the fluctuations.