An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes that Bitcoin (BTC) is now poised for a surge to new record-high levels.
Pseudonymous trader Bluntz tells his 321,100 followers on the social media platform X that Bitcoin completed an ABC correction after its brief dip below $100,000 over the weekend.
[adinserter block="1"]Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness new rallies after concluding an ABC pullback.
Says the trader,
“BTC looking like a nice ABC here, bounced lower channel and reclaimed breakdown range.
Send it to all-time high.”
At time of writing, Bitcoin is trading for $106,111.
Turning to Ethereum, the trader thinks that the altcoin has printed a low against Bitcoin (ETH/BTC) after also completing an ABC correction.
“ETH/BTC has probably bottomed here, in my opinion.”
At time of writing, ETH/BTC is trading for 0.02308 BTC ($2,451).
As for the Solana (SOL)-based memecoin dogwifhat, Bluntz believes that WIF has completed an ABC correction as well and is now primed to ignite a five-wave surge.
According to Elliott Wave principles, a five-wave rally is made up of three upside moves – waves one, three and five – and two corrective periods in waves two and four.
“Still a lot of work to put in and need to see price action confirm, but I think there’s a very real chance a new impulse back to all-time high on WIF has commenced.”
At time of writing, WIF is worth $0.875.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Surf The Daily Hodl Mix
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 assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
