Bluntz, a well-known and closely followed cryptocurrency analyst, recently presented an optimistic outlook for Bitcoin (BTC), stating that the largest cryptocurrency still has significant upward potential. The analyst shared details of his optimistic view by providing a date and price target.
Current Cycle Could Take Price to Around $100,000
Sharing his observations on his X account, Bluntz believes the current Bitcoin cycle is “not over yet” and could extend until early 2025. Bluntz’s analysis is based on the Elliott Wave theory, a form of technical analysis used to predict market trends by identifying recurring wave patterns.
According to the current price chart, Bitcoin has just completed the fourth wave of a five-wave formation on the weekly timeframe. In Elliott Wave theory, the main trend of an asset’s price movement is typically represented by five waves, while corrections occur in three waves.
The chart shared by the analyst shows that the fifth wave of this current formation, which began at the end of 2022, could see Bitcoin’s price reach just below $100,000. This projection represents a significant increase from the current trading price of $58,665. The completion of the fifth wave will mark an important milestone in Bitcoin’s upward cycle and reconfirm the cryptocurrency’s upward momentum.
“Bitcoin Signals Bullish Divergence”
Moreover, Bluntz noted that Bitcoin is signaling a bullish divergence on the daily timeframe. A bullish divergence occurs when an oscillator indicator, such as the Relative Strength Index (RSI), trends upwards while the price of an asset trends downwards. This divergence is typically interpreted as a signal that the asset’s price could reverse from a downtrend to an uptrend.
Bluntz expressed surprise that more analysts are not discussing this bullish divergence, highlighting that market confidence may have been shaken by recent price fluctuations. The analyst believes this signal indicates an upcoming positive trend reversal in Bitcoin’s price movement.
