Top Trader Predicts Final Leg Down for Bitcoin (BTC) Before Rally to New All-Time Highs – Here Are His Targets

A crypto analyst known for making timely Bitcoin calls believes BTC is due for a final corrective move before an explosion to fresh record highs.

Pseudonymous analyst Bluntz tells his 261,200 followers on the social media platform X that Bitcoin appears to be forming a bull pennant pattern on the three-day chart.

According to the analyst, BTC may see a leg down close to $60,000 to set the stage for a rally above $80,000.

“For now, I’m leaning towards some high time frame BTC consolidation.

Makes the most sense to me, but what’s more concerning is alts are crushed and BTC has barely even sneezed so far.

A pullback into $62,500 which for BTC would only be 12% could be devastating for some other alts.” 

Looking at the trader’s chart, he seems to predict that Bitcoin will rally close to $87,500 by the end of the year. At time of writing, Bitcoin is worth $67,315, down over 3% in the past day.

The crypto strategist is also keeping a close eye on the memecoin dogwifhat (WIF). The analyst says WIF looks bearish and will likely witness a collapse to $1.

Bluntz practices the Elliott Wave theory, a technical analysis approach that states that a bullish asset tends to witness an ABC correction after completing a five-wave rally. Based on the trader’s chart, he seems to be suggesting that WIF has already completed a five-wave surge when it rose close to $5. The chart also shows WIF dropping to $1.068 to end its ABC correction.

At time of writing, WIF is worth $2.54.

Generated Image: DALLE3