Will Bitcoin's Rise Continue? Analyst Makes Bold Prediction - COINTURK NEWS
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Will Bitcoin’s Rise Continue? Analyst Makes Bold Prediction

1:08 am (30 days ago)
November 8, 2023

The king of cryptocurrencies has once again surpassed $35,500 and experienced an increase of approximately $1,000 from its daily low. This movement could continue until it tests $36,000. While investors expected a deeper correction after the recent peak, those who dared to short the market saw millions of dollars liquidated. So, what is the expectation of the famous analyst?

Will Bitcoin’s Rise Continue?

A popular crypto analyst known as Bluntz made a bold prediction on social media. According to the anonymous crypto commentator, the price of BTC will start a new movement aiming for $60,000 within a few weeks. Moreover, most investors will miss out on the rally because they do not believe in the ongoing movement.

According to the Elliott Wave Theory, the analyst believes that BTC is currently in the third wave of a 5-wave upward movement. The analyst wrote the following:

“I wholeheartedly believe that BTC is currently in macro wave 3, and many are expecting pullbacks based on the retracements we experienced earlier this year. However, they will see how fast the rise is. The Bitcoin price will move upwards very sharply.

We won’t see those monthly 30% drops anymore. I think we will experience 20% drops along the way, but they will happen, and we will recover much faster moving forward.”

Bitcoin Price Target

The analyst predicts that the price will reach a new all-time high in 2024. Furthermore, the analyst argues that this will happen by mid-year. Until that time, significant price catalysts such as the approval of a spot Bitcoin ETF, the first Fed interest rate cut, partial regulations, the outcome of the XRP case, the transformation of GBTC, and many countries legalizing cryptocurrencies are expected.

Bluntz says that the fifth and final wave will take the BTC price to $76,000. The analyst also believes that Ocean Protocol (OCEAN) and Chainlink (LINK) could soon start bigger rallies. Many experts agree on LINK Coin because it has already made a name for itself with its partnerships and achievements. With the increasing interest in the RWA field, LINK Coin could experience significant growth in the long run.

At the time of writing, BTC is finding buyers at $35,400.

Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any transactions.

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