A widely followed analyst who had earlier in the year warned of a crypto market pullback now says Bitcoin (BTC) could undergo a correction before rising higher to a new all-time high.
The analyst pseudonymously known as Bluntz tells his 327,300 followers on the social media platform X that he “wouldn’t be surprised” to see Bitcoin plunge substantially before resuming an uptrend.
Based on the pseudonymous analyst’s chart on the daily time frame, it appears he’s suggesting that Bitcoin has completed the third wave of a five-wave Elliott Wave pattern inside a rising wedge pattern. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
From the chart, it appears the pseudonymous analyst sees Bitcoin falling to around $110,000 before appreciating to around $135,000 to complete the fifth wave.
Bitcoin is trading at $120,437 at time of writing.
Next up is Fartcoin (FARTCOIN), a memecoin built in the Solana (SOL) ecosystem. The pseudonymous analyst says Fartcoin has reached a “major bottom” on the daily time frame after completing a correction in a three-wave pattern on both its US dollar and Bitcoin pair.
“Expecting a 140%+ move from here, one of the better setups with phenomenal risk-reward ratio I have seen in a long time.”
Fartcoin is trading at $1.10 at time of writing, up by around 30% over the past 24 hours.
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