An expert in cryptocurrency analysis, renowned for accurate Bitcoin predictions, suggests that BTC is poised for a final corrective move before soaring to new all-time highs. Using the pseudonym Bluntz, the analyst shares with his 261,200 followers on X that Bitcoin seems to be forming a bullish pennant pattern on the three-day chart.
Bluntz predicts that BTC might experience a slight drop towards $60,000 before embarking on a rally surpassing $80,000. He expresses concern about the significant decline in alternative cryptocurrencies while Bitcoin remains relatively stable. A potential pullback to $62,500, representing a 12% decrease for BTC, could have a devastating impact on certain altcoins.
Analyzing Bluntz’s chart, he anticipates that Bitcoin could reach close to $87,500 by the end of the year. As of now, Bitcoin is valued at $67,315, showing a decrease of over 3% in the last 24 hours.
The analyst is also closely monitoring the meme coin dogwifhat (WIF), suggesting a bearish outlook with a possible drop to $1.
Bluntz follows the Elliott Wave theory, a technical analysis method that indicates a bullish asset typically experiences an ABC correction following a five-wave rally. Based on his chart, it appears that WIF has already completed a five-wave surge, reaching close to $5 before dropping to $1.068 to finalize its ABC correction. Currently, WIF is priced at $2.54.
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