Bitcoin price today continued its noticeable decline and fell below the $63,000 level again. Although BTC reached $65,000 yesterday, today’s drop raises questions, but market participants’ optimistic mood seems unshaken.
Analyst’s Bitcoin Commentary
A cryptocurrency analyst known for predicting bottom points in the market commented that Bitcoin (BTC) is ready for a significant rise and to revisit record levels. Sharing a new view, analyst Bluntz stated on X that the final leg of Bitcoin’s five-wave rise, which he has mentioned many times in the past, is currently ongoing.
Bluntz operates with the Elliott Wave theory, which suggests that a rising asset tends to witness a five-wave rally. It is known that upward impulsive movements occur in the first, third, and fifth waves of this theory, while the second and fourth waves are periods of corrections.
Bluntz said the following on the subject:
The weekly close was absolutely incredible… This weekly candle close really returned to the range. I think all signs point to all-time highs and a higher macro fifth wave…
In terms of time, the second wave and the fourth wave are equal in time, which is what we want to see: There were 154 days for the second wave and 147 days for the fourth wave. So, very, very equal in terms of time.
According to the analyst, Bitcoin’s wave count still presents a healthy outlook based on the idea that higher time frame charts generally give reliable signals.
We got an almost perfect one-to-one extension regarding how long the second wave lasted and how long the fourth wave lasted. And between these two waves, there is something we can see as a very visible clear third wave, which is the longest wave here.
So basically, looking at this on higher time frames, which are always the most reliable time frames, weekly and higher very rarely give false signals. I think all signs indicate that the fifth wave is rising.
According to the analyst, the non-exaggerated expectation of Bitcoin’s fifth wave rise points to a range of $85,000 to $100,000. However, he also notes that Bitcoin could rise to $115,000 depending on a fifth wave price movement that could take longer than expected.
Bitcoin Price in TL?
Bitcoin’s decline, which started after rising to $65,000 yesterday, continues unabated today. After a 2% drop in the last 24 hours, the price fell to $62,000.
BTC’s market cap fell to $1.231 trillion after this price movement, while its trading volume rose to $29.9 billion after a 33% increase. This situation reveals that the accumulation trend is becoming increasingly intense despite the price drop.
Looking at the BTC/TRY pair, it is seen that it continues to find buyers at 2,113,000 TL at the time of writing, remaining above 2,000,000 TL.
