A widely followed crypto analyst is predicting a parabolic rally for Bitcoin (BTC) as the structure shows bullish signs.
In a new strategy session, pseudonymous crypto trader Bluntz say that the slight pullback that king crypto experienced overnight will likely serve as a bottom as the price continues to rise.
“It wouldn’t surprise me if I thought so [the dip] was the low point for Bitcoin, and it was a shallow low point [so] we potential [can] go higher.”
The crypto strategist goes on to say that the leading cryptocurrency, as measured by market capitalization structure, indicates that the next step will be a huge leap forward.
“If you’re looking for a long position in Bitcoin, I think you probably want to have a decent stop, maybe here at around $33,500, but I think this next move up – I think Bitcoin is still very, very, very much is worth. impulsive.”
Interpreting the chart using Elliott Wave Theory, a form of five-wave financial analysis that predicts market trends by examining extremes in investor psychology and price, Bluntz predicts a parabolic rise for BTC, putting it somewhere near the $50,000 could land.
“I think overall the structure for Bitcoin is still very bullish and has the potential to go much higher…
[It] will probably be in the [$50,000s]…There is a possibility that one of these waves will probably extend much higher than we can imagine, because that seems to be happening [to] Bitcoin too, at some point it just goes parabolic and I think that’s probably going to happen at the stage we’re in now.
I am still very optimistic about Bitcoin. I think this nighttime dip is probably a gift. I don’t think there is a top in my opinion. I think the bottom has probably been reached here.”
Bitcoin is trading at $34,487 at the time of writing, down fractionally over the past 24 hours.
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Generated image: Midjourney