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Bitcoin (BTC) is known for predicting its bottom levels in advance. Experienced analyst Bluntz suggested that the largest cryptocurrency is ready for a significant rally to its all-time highs. The analyst shared trends confirming his bullish thesis.
New Bullish Scenario for Bitcoin After Surpassing 60 Thousand Dollars
Anonymous cryptocurrency analyst Bluntz shared his latest Bitcoin observations on his personal account on social media platform X. He emphasized that the largest cryptocurrency appears to have completed a multi-month ABC correction and closed the previous week above 60 thousand dollars.
In his analysis, Bluntz used the Elliott Wave theory, which suggests that an asset typically experiences a five-wave impulsive increase after completing a three-wave ABC correction. According to the analyst, Bitcoin’s current price action is starting to resemble a consolidation phase, and surpassing 60 thousand dollars again could trigger a new impulsive rally.
The analyst’s chart shows Bitcoin rising to a new record level around 80 thousand dollars. At the time of the analysis, Bitcoin was trading at 62,954 dollars, marking an increase of over 4% in the past day. Bluntz also highlighted a bullish divergence on Bitcoin’s daily chart, often seen as a reversal signal, indicating that the asset is gaining momentum even if the price moves sideways or down.
Bluntz expressed surprise that the bullish divergence on Bitcoin’s daily chart is not being discussed by many. He noted that confidence in the market might have been shaken but maintained his optimism about the expectations for the largest cryptocurrency.
Believes Bull Market Will Continue Until Early 2025
From a long-term perspective, Bluntz believes the current bull market will continue until early 2025. Responding to the increasing number of questions about whether the cycle has ended, the analyst argued that the bull market is still valid.
According to Bluntz’s analysis, Bitcoin is preparing to start the fifth and final major wave of this cycle, potentially driving the price towards 100 thousand dollars. The analyst’s confidence in Bitcoin’s trajectory highlights the potential for significant gains in the coming months.
