A top analyst known for making timely crypto calls warns that Bitcoin (BTC) may be in the midst of witnessing a painful scenario.
Pseudonymous trader Bluntz tells his 254,100 followers on the social media platform X that Bitcoin appears to be flashing an ABC corrective move on the daily chart.
Bluntz practices the Elliott Wave theory, which states that a bullish asset typically consolidates within an ABC corrective wave after going through a five-wave uptrend.
Says Bluntz,
“Max pain on BTC is take out the highs, make everyone FOMO (fear of missing out) back in and think it’s some kind of triangle breakout then BAM, fade back into the lower end of the range again before the real run-up.”
Based on the trader’s chart, he seems to suggest that BTC will soar to $76,000 only to drop to $64,000 before rallying to a new all-time high of $82,000.
At time of writing, Bitcoin is worth $69,296, down nearly 4% in the last 24 hours.
Looking at gold, Bluntz says the precious metal appears to be in the midst of a five-wave rally that could push prices above $3,600.
“Gold really is about to start going parabolic after a decade of barely beating inflation.”
At time of writing, Gold is worth $2,352.
The trader is also keeping an eye on the Solana versus Bitcoin (SOL/BTC) pair. According to the trader, SOL/BTC has likely carved a local bottom at around 0.00246 BTC ($170) after completing an ABC corrective wave.
“Ok, we swept that low and now we have an hourly bullish divergence on SOL/BTC.
I’m pretty sure that’s the low.”
At time of writing, SOL/BTC is worth 0.00249 BTC ($172).
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Generated Image: Midjourney
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