Analyst Says Bitcoin Structure Is Bullish, Predicts Parabolic Rally for “Impulsive” BTC – Here Are His Targets
A widely followed crypto analyst is predicting a parabolic rally for Bitcoin (BTC) as its structure shows bullish signs.
In a new strategy session, pseudonymous crypto trader Bluntz says the slight decline the king crypto experienced overnight will likely serve as its low as its price continues to rise.
“It wouldn’t surprise me to think that maybe [the dip] was Bitcoin’s bottom, and it was flat [so] we possibly [can] go higher.”
Source: Bluntz/YouTube
The crypto strategist goes on to say that the structure of the top crypto assets by market capitalization suggests that the next step will be a massive step up.
“If you were going to go long on Bitcoin, you would probably want to have a decent stop, maybe down here at around $33,500, but I think the next step up – I think Bitcoin is still very, very, a lot is “driving.”
Bluntz interprets the chart using Elliott Wave Theory, a five-wave form of financial analysis that predicts market trends by examining extremes in investor psychology and price, and predicts a parabolic rise for BTC that could result in it lands somewhere in the $50,000 range.
“I think overall the structure of Bitcoin is still very, very bullish and has the potential to rise much further…
[It] will probably end up in the [$50,000s]… There’s a chance that one of these waves probably extends much higher than we can imagine, because that’s what seems to be happening [to] Even with Bitcoin, at some point it just goes parabolic and I think that’s probably what’s going to happen in this phase that we’re in right now.
I am still very optimistic about Bitcoin. I think this overnight dip is probably a gift. In my opinion there are no signs of spikes. I think we’ve probably bottomed out here.”
Bitcoin is trading at $34,487 at the time of writing, down slightly in the last 24 hours.
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