- An eminent crypto analyst, known for accurately predicting Bitcoin’s lows, believes BTC is poised to ignite rallies on its way to new all-time highs.
- Conversely, another widely followed crypto analyst argues that a 2019-style correction could see Bitcoin touching its previous lows.
- The analysis points to a new momentum for Bitcoin, with targets set above $80,000.
Discover whether Bitcoin is set to soar or will face another dip. Expert analysis inside.
Bitcoin’s Prospective Rally Towards New All-Time Highs
A well-regarded crypto analyst, using the pseudonym Bluntz, has recently suggested that Bitcoin is on the verge of finishing a multi-month ABC correction, transitioning into a new impulsive wave upwards. This analysis is based on the Elliott Wave Theory, which posits that after a three-wave ABC correction, an asset typically begins a five-wave impulsive increase. Bluntz notes, “The price action now seems to be accumulating again. If BTC surpasses $60,000 once more, it’s likely off to the races and could signal the start of a new impulse.”
Technical Indicators Signal Bullish Trends
Bluntz’s charts suggest a new record high around $80,000 for Bitcoin. Additionally, the daily charts show a bullish divergence, which often indicates a reversal when an asset gains momentum even if the price is dropping or trading sideways. Bluntz expresses surprise at the lack of discussion around BTC’s daily bullish divergence, noting, “Confidence seems genuinely shaken. Not many are talking about BTC’s daily bullish divergence.”
Long-Term Projections for Bitcoin: Eyes on $100,000
From a longer-term perspective, Bluntz envisages the bull market extending into early 2025. He mentions, “There has been much debate about whether the cycle is over. In my view, it hasn’t ended yet. I expect it to last until early 2025.” Based on his analysis, Bluntz anticipates Bitcoin commencing its fifth and final major wave towards $100,000.
Potential Downside Risks: A Look at $40,000
On the flip side, another prominent crypto analyst, Benjamin Cowen, warns of a possible 2019-style correction for Bitcoin. Cowen suggests that if BTC mirrors its 2019 behavior, it may retrace towards its 20-week simple moving average (SMA), currently around $65,441. He outlines, “In 2019, we observed a pattern: hitting a high, dropping to a lower point, and falling below the bull market support band before rebounding in August and potentially hitting lower lows by September. If BTC takes similar steps now, a rejection at the 20-week SMA might see it reaching the 100-week moving average, or roughly $40,000.”
Conclusion
In summary, Bitcoin finds itself at a critical juncture. On one side, bullish indicators and technical patterns suggest that BTC might rally towards $80,000 and beyond. On the other hand, parallels with past market behavior warn of a potential drop to $40,000. Investors should stay alert and consider these divergent analyses as they strategize their next moves in the crypto market.
