A widely followed cryptocurrency analyst and trader who nailed the 2018 Bitcoin bottom is expressing bullish sentiment on Bitcoin (BTC).
Pseudonymous crypto strategist Bluntz tells his 269,300 followers on the social media platform X that he believes Bitcoin has likely bottomed out after completing an ABC corrective move on the four-hour chart.
Bluntz is a popular practitioner of the Elliott Wave theory, which states that a bullish asset tends to witness rallies after concluding a three-wave correction.
Says the analyst,
“Clear three-wave move down on BTC so far, this ends up being a higher low, in my opinion.
Time to bid your favorite coins.”
Looking at the trader’s chart, he appears to predict that Bitcoin will rally to $68,000.
Bitcoin is trading at $59,320 at time of writing, up 3.74% in the past day.
Next up is the top smart contract platform Ethereum (ETH).
The analyst says Ethereum appears to be trading within an ascending triangle pattern, a typically bullish formation formed by a series of higher lows and a horizontal upper trendline that acts as a resistance level.
Says Bluntz,
“ETH looks like it’s gearing up for a breakout here, in my opinion.”
Ethereum is trading at $2,605 at time of writing, a 1.72% increase in the last 24 hours.
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Generated Image: FLUX
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