Analyst Who Bottomed Bitcoin in 2018 Says BTC Is About to Breakout – Here Are His Targets

A widely followed crypto trader who accurately predicted the bottom for Bitcoin (BTC) in 2018 is expressing bullish sentiment on the flagship crypto asset.

Pseudonymous analyst Bluntz tells his 227,200 followers on social media platform X that Bitcoin appears to be “on the verge of a breakout” after a two-week consolidation.

Bluntz uses Elliott Wave Theory in his technical analysis. According to the trader’s charts, Bluntz predicts that Bitcoin’s price could initially reach a target of $38,000 before eventually reaching $42,000 in a series of waves.

Elliott wave theory states that the main trend of an asset’s price moves in a five-wave pattern, while the correction occurs in a three-wave pattern.

Source: Bluntz/X

Bitcoin is trading at $35,350 at the time of writing, up about 30% since mid-October.

Looking at the seventh-largest crypto asset by market cap, Bluntz says decentralized application platform Solana (SOL) has stalled after previously breaking out of a descending channel following significant accumulation.

According to the analyst, Solana could fluctuate in a range for a while before an upward move occurs. Bluntz’s initial target is just over 10% above the current price.

Source: Bluntz/X

At the time of writing, SOL is worth $43.23, up over 100% since mid-October.

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