A widely-followed crypto trader and Elliott Wave analyst says that Bitcoin is setting the stage for a strong move up in a short period of time.
Benjamin Blunts tells his nearly 56,000 followers on Twitter that BTC is gearing up for a rally to $12,000.
“When BTC finally does break out of this range it [is] going to be explosive, I’d say 11k within 3 weeks and possibly 12k within a month.”
The crypto analyst predicts Bitcoin’s price action using Elliott Wave Theory. The advanced technical analysis approach examines reliable wave patterns that show the repetitive behavior of market participants. According to Elliott Wave principles, an ABCDE triangle indicates consolidation in an uptrend market. Once the pattern is complete, BTC will likely spark a strong rally.
But Benjamin Blunts warns his followers to watch out for a sharp move down before Bitcoin hits the target.
“Yeah, I’m wary of something like this. Like we say in 2019: breakout then shakeout, but then I thought how often does lightning strike twice?”
Blunts used his prowess in Elliott Wave analysis to forecast the 2018 Bitcoin bear market bottom. The technical trader told his followers in June of 2018 that Bitcoin would bottom out at $3,200. The prediction turned out to be on point as BTC hit the target on December 15th.
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