Bitcoin (BTC), which reached over $35,000 at the end of October, continues to keep investors curious. Bluntz, a cryptocurrency analyst and trader who gained fame for accurately predicting the price level at which Bitcoin would bottom during the bear market in 2018, suggests that the crypto king is almost ready for a new upward surge.
Bitcoin is Expecting a Directional Breakout Very Soon
Anonymous cryptocurrency analyst Bluntz stated on his personal X (formerly known as Twitter) account that Bitcoin is currently consolidating within a rising flag formation. According to the analyst, breaking out of this formation will result in a rise to around $37,000:
This sideways structure remains intact for BTC. Holding strong above $32,000 and now finding support above $34,000 is wild. Doubt and disbelief still persist, and post-traumatic stress disorder caused by the bear market is quite common.
Furthermore, the analyst noted that Bitcoin’s trading range has started to narrow, indicating that a big move is approaching. He said, “BTC has started trading in a very narrow range. It will move directionally in a short time. The prediction is that it will move upwards.”
Analyst Predicts a Rise of Up to $60,000 for BTC
Bluntz also added that Bitcoin appears ready to replicate the rallies seen during the previous bull cycle. The analyst shared a chart showing Bitcoin breaking out of the consolidation zone and reaching up to $60,000, and wrote the following note:
Never underestimate the power of a high timeframe weekly consolidation breakout on BTC. I believe the current breakout will be similar to the one in October 2020 and April 2019. Whether there will be a short-term downtrend or something else doesn’t matter. Just make sure you have a BTC accumulation that you don’t always trade.
