An extensively followed cryptocurrency expert thinks that Bitcoin (BTC) is on the brink of rallying to a level last seen in December 2021.
The expert pseudonymously referred to as Bluntz informs his 239,400 fans on the social networks platform X that Bitcoin seems in the middle of a wave-three rise.
The expert practices the Elliott Wave theory, a technical analysis method that tries to forecast future rate action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish property tends to witness a five-wave go up with the 3rd wave being the longest and greatest rally.
Bluntz shares a chart recommending that BTC might end its significant 3rd wave once it strikes $50,000 before fixing and rallying to $52,000.
“BTC leading the pack today and now looking spontaneous to the benefit, certainly beginning to appear like a wave 3 approximately brand-new highs is underway.”
Source: Bluntz/X
While Bluntz is short-term bullish on Bitcoin, fellow crypto expert Rager believes that the present BTC rally does not have the legs to print a fresh-yearly high. According to Rager, he anticipates Bitcoin to begin resuming its uptrend after its April halving when miners’ benefits are halved.
“As bullish as I am on Bitcoin and this market, I still do not believe BTC strikes brand-new highs till months after cutting in half.
I ‘d like to be incorrect on this viewpoint.”
Bitcoin is trading at $47,323 sometimes of composing, up more than 2.70% in the last 24 hours.
Produced Image: DALLE-3
