Bitcoin is up over 135% from the March 2020 low of $3,850. The world’s leading cryptocurrency is once again outperforming traditional assets amid the coronavirus pandemic. While Bitcoin is starting to show signs of short-term bullish exhaustion, a crypto trader and Elliott Wave technical analyst believes that the dominant cryptocurrency is preparing for a strong move up.
Benjamin Blunts tells his 54,600 followers on Twitter that BTC is poised for a rally to $10,000.
“BTC made 5 waves down on the smaller timeframes, ABC back up and swiftly rejected the 0.618 almost to the [dollar] and now I think we get one more leg down into low [$8,000]. [In my opinion] this will be a buy the dip opportunity in [a] strong uptrend.”
The crypto strategist forecasts Bitcoin’s price action using Elliott Wave Theory. The advanced technical analysis system looks at predictable wave patterns that illustrate the recurring behavior of market participants. According to Elliott Wave principles, an ABC corrective in a bull market is a brief pullback. Once the correction is over, the asset will likely resume its uptrend.
Blunts relied on his expertise in Elliott Wave analysis to predict the bottom of the Bitcoin bear market in 2018. The analyst gave his $3,200 BTC call in June 2018, which turned out to be remarkably accurate when BTC reached the low on December 15th.
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