A crypto strategist who nailed Bitcoin’s (BTC) 2018 bear market bottom believes that 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 the 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 that BTC could rally to as high as $50,000 in the coming days as the market holds its breath in anticipation of the possible approval of spot-based Bitcoin exchange-traded funds (ETFs).
“The big week is coming up. BTC traded sideways all weekend in anticipation of this week’s news.
My bias for BTC is something like this, where we spike up on ETF announcement news then start a deeper pullback that sweeps range lows.
While BTC makes fresh highs, judging by altcoin price action over the weekend, I think a few will make fresh highs as well but also quite a few will end up being lower highs and won’t make fresh highs.”
Bluntz is a popular practitioner of the Elliott Wave theory, an advanced technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset witnesses a five-wave rally before a three-wave move to the downside.
Looking at the trader’s chart, he seems to predict that Bitcoin will rally above $50,000 to end its fifth wave, which will subsequently trigger a three-wave correction to $38,000.
At time of writing, Bitcoin is trading for $46,414, up over 6.5% in the last 24 hours.
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