A closely followed analyst believes that Bitcoin (BTC) will likely see a new all-time high in the next two weeks.
Pseudonymous analyst Bluntz tells his 256,600 followers on the social media platform X that Bitcoin is in the midst of a wave three surge.
Bluntz utilizes the Elliott Wave theory in his analysis. The theory states that an asset tends to witness a five-wave rally with wave three being the longest and the strongest move up.
Says Bluntz,
“Expecting fresh BTC all-time high within the next one to two weeks.
From a macro standpoint, I think we’re currently in a wave five of a larger wave three with a few legs higher still to come.
Ultimately expecting us to top out around $120,000 this cycle.”Â
Looking at the trader’s chart, he seems to predict that BTC will rally to $90,000 from current levels before witnessing a wave four correction back down to $80,000. After the wave four retracement, Bluntz expects BTC to explode to $120,000 for the fifth and final wave.
At time of writing, Bitcoin is trading for $66,836, up over 2% in the last 24 hours.
Bluntz also has his radar locked on Ethereum (ETH) competitor Near (NEAR). According to the top analyst, NEAR looks ready for a burst to the upside after completing an ABC corrective wave.
“Near looking great here, has been one of the strongest movers from the lows and will probably be one of the firsts to make fresh highs.”
Based on the trader’s chart, he seems to predict that NEAR will rally to as high as $12. At time of writing, NEAR is worth $7.02, up over 9% in the past day.
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