A widely followed cryptocurrency analyst and trader is leaning bullish on Bitcoin (BTC).
The analyst and trader pseudonymously known as Bluntz tells his 309,200 followers on the social media platform X that Bitcoin has witnessed “savage price action” after falling to around $89,200 and then quickly recovering.
According to the analyst, Bitcoin is primed to rally by at least 17% from the current level.
“Take the lows, make everyone capitulate and then up only with no dips forcing sidelined traders and investors to chase price higher.
This next leg up should be the one that takes us to $120,000+ in my opinion.”
Based on a chart by the pseudonymous analyst who regularly applies the Elliott Wave theory in his technical analysis, Bitcoin is in the last part of a five-wave pattern that started in September of 2024. The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Bitcoin is trading at $102,580 at time of writing.
The analyst also offers his take on the memecoin FLOKI (FLOKI). According to Bluntz, FLOKI is forming a double-bottom pattern on the three-day time frame. A double-bottom pattern is typically considered a bullish reversal pattern.
FLOKI is trading at $0.000179 at time of writing.
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