Bitcoin (BTC) is gearing up for a major breakout and rally to new all-time highs, according to a crypto strategist renowned for predicting market bottoms.
In a recent video update, the analyst known as Bluntz, who follows the Elliott Wave theory, informed his large social media following on X that Bitcoin’s five-wave surge is entering its final stage.
Bluntz explained that the Elliott Wave theory suggests a bullish asset typically experiences a five-wave rally, with waves one, three, and five indicating upward momentum, while waves two and four represent corrective phases.
He stated, “The recent weekly close was exceptional… This weekly candle close has brought us back into the range. I believe all indications are pointing towards a push to new all-time highs and a significant fifth wave to the upside…
“In terms of timing, the duration of wave two and wave four are nearly identical, with 154 days for wave two and 147 days for wave four. This symmetry in timing is promising.”
Bluntz emphasized that his Bitcoin wave count is looking promising based on the reliable signals often seen on higher time frame charts.
“The wave three is very clearly visible between the two corrective waves, which is a positive sign. When analyzing high time frames, such as weekly charts, false signals are rare. I believe we are currently in the midst of a fifth wave to the upside.”
The analyst projected that Bitcoin’s fifth wave surge could reach between $85,000 and $100,000 conservatively, with a potential rally to as high as $115,000 in an extended fifth wave scenario.
As of the time of writing, Bitcoin is valued at $63,081, experiencing a slight decline of over 1% for the day.
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