Bitcoin on the Cusp of an Impulsive Move to the Upside, According to Top Analyst – Here Are His Targets

A widely followed cryptocurrency analyst believes that Bitcoin (BTC) is on the verge of rallying to a level last seen in December 2021.

The analyst pseudonymously known as Bluntz tells his 239,400 followers on the social media platform X that Bitcoin appears to be in the midst of a wave-three surge.

The analyst practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to witness a five-wave move up with the third wave being the longest and strongest rally.

Bluntz shares a chart suggesting that BTC could end its major third wave once it hits $50,000 before correcting and rallying to $52,000.

“BTC leading the pack today and now looking impulsive to the upside, definitely starting to look like a wave three up to new highs is underway.”

But while Bluntz is short-term bullish on Bitcoin, fellow crypto analyst Rager thinks that the current BTC rally doesn’t have the legs to print a fresh-yearly high. According to Rager, he expects Bitcoin to start resuming its uptrend after its April halving when miners’ rewards are cut in half.

“As bullish as I am on Bitcoin and this market, I still don’t think BTC hits new highs until months after halving.

I’d love to be wrong on this opinion.”

Bitcoin is trading at $47,323 at time of writing, up more than 2.70% in the last 24 hours.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE-3