Bitcoin Bullish Sentiment: Analyst Anticipates Breakout Following Halving
In the wake of the Bitcoin halving, a well-respected crypto analyst, who goes by the pseudonym Bluntz, is expressing optimism for the future of Bitcoin (BTC). With a following of 257,100 on the social media platform X, Bluntz predicts that Bitcoin is on the verge of a breakout based on price action observed on the two-hour chart.
Bluntz’s analysis indicates that Bitcoin is forming a symmetrical triangle pattern on the two-hour chart. Depending on how the price behaves, symmetrical triangles can be either bullish or bearish. In this case, the bullish outcome would occur if the price breaks above the upper trend line, while the bearish outcome would result from a break below the lower trend line.
According to Bluntz, once Bitcoin surpasses the $67,000 resistance level, he anticipates a significant market surge. The bullish sentiment is further supported by the fact that Bitcoin is currently trading at $66,455.
In addition to Bitcoin, Bluntz also takes a look at the Solana-based memecoin dogwifhat (WIF). After observing an ascending triangle pattern on the four-hour chart for a two-week period, Bluntz believes that WIF is poised for a breakout. However, it is worth noting that the memecoin has also formed a three-wave pattern to the downside, according to the Elliott Wave theory, which suggests a minor correctional trend.
Moving on to the Pepe (PEPE) memecoin, Bluntz notes that it is experiencing an upward acceleration. Based on his chart analysis, Pepe has completed a three-wave pattern to the downside, reaching the 0.618 Fibonacci retracement level. Fibonacci retracement levels are frequently used in technical analysis to identify potential support and resistance levels. Bluntz predicts that Pepe could appreciate by approximately 66% from its current level, with an upside target of around $0.000013.
At the time of writing, PEPE is trading at $0.00000784.
It is important to remember that the opinions expressed by Bluntz and other analysts are not investment advice. Investors should conduct their own research and exercise caution when making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. The Daily Hodl, where this article is sourced from, also emphasizes that any transfers or trades made are at the individual’s own risk and responsibility.
