Summary:
A prominent crypto analyst, Bluntz, believes Bitcoin's bullish cycle is not over yet.
Bluntz uses the Elliott Wave theory and suggests Bitcoin could reach nearly $100,000.
The analyst identifies a bullish divergence signal on Bitcoin's daily chart, indicating a potential market reversal.
Bluntz's analysis suggests a potential for significant price gains in Bitcoin until early 2025.
Bitcoin Bull Run Could Extend Into 2025, Says Analyst
A prominent cryptocurrency analyst, known as Bluntz, believes Bitcoin's bullish cycle is not over yet and could extend into early 2025.
Bluntz, who has a large following on X (formerly Twitter), uses the Elliott Wave theory to predict market trends. According to this theory, the price of an asset moves in a five-wave pattern during a bull market, with corrections occurring in three-wave patterns.
Based on Bluntz's analysis, Bitcoin has recently completed the fourth wave of a five-wave pattern on the weekly time frame. This suggests that Bitcoin could complete the fifth wave and reach a price of almost $100,000, starting a new bull market cycle.
Furthermore, Bluntz highlights a bullish divergence signal on Bitcoin's daily chart. This suggests a potential reversal from a downtrend to an uptrend.
Key Takeaway:
Bluntz's analysis suggests that Bitcoin could continue its bullish run into early 2025, with the potential for significant price gains. However, it's essential to remember that technical analysis is not foolproof, and the market can be unpredictable. Always conduct your own research and consult with a financial advisor before making any investment decisions.
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