Bitcoin Analyst Predicts Additional Upside For BTC Worth, Reveals Cycle High

Crypto analyst Bluntz Capital has predicted a robust worth surge for Bitcoin within the coming days, and a brand new all-time excessive may very well be within the books. Bluntz dropped his two cents on Bitcoin’s trajectory on the social media platform X, amidst varied worth outlooks for the cryptocurrency in current days.

Bluntz is well-known for a few of his correct predictions relating to BTC, significantly throughout the 2018 bear market. His current evaluation is predicated on the Elliott Wave Idea, a type of technical evaluation that has been employed by varied analysts in current months to evaluate Bitcoin’s future outlook.

Recent BTC All-Time Excessive

Worth motion in current months has seen Bitcoin capturing previous varied worth ranges in an effort to create a brand new all-time excessive since November 2021. Nonetheless, the value of BTC has but to considerably cross over the $70,000 mark once more because it reached its present excessive of $73,794.

Based on Bluntz Capital, that is set to vary very quickly, together with his outlook for Bitcoin nonetheless extraordinarily bullish, in line with Elliott Wave Idea. The Elliott wave idea is basically a market motion of 5 waves within the route of the bigger development and a three-wave correction within the reverse development. This evaluation has significantly been helpful to take a look at market developments in each the brief and macro phrases. 

Per Bluntz in his 3-day BTC worth chart shared on X, the present worth motion of BTC is that of a smaller bullish Impulse Wave 5 in a bigger Wave 3 bull development within the Elliot Wave Idea. Consequently, Bluntz famous that we haven’t seen the highest of Bitcoin this cycle but, and the crypto might attain a brand new all-time excessive within the subsequent one to 2 weeks. 

anticipating contemporary #btc ath inside the subsequent 1-2 weeks.

from a macro standpoint i feel have been at present in a wave 5 of a bigger w3 with just a few legs larger nonetheless to return.

in the end anticipating us to prime out round 120k this cycle. pic.twitter.com/rX11SEUPf0

— Bluntz (@Bluntz_Capital) April 22, 2024

How Excessive Can Bitcoin Go This Cycle?

As BTC continues its bull run this cycle after the simply concluded halving, many traders are questioning simply how excessive it will possibly go. Analysts who research the Bitcoin halving cycles imagine we nonetheless have a protracted technique to go earlier than reaching the height based mostly on historic patterns. 

Based on Bluntz Capital, Bitcoin ought to prime out at round $120,000 on this cycle. In an earlier Bitcoin evaluation, the analyst famous that there may very well be one other rejection instantly after BTC crosses over $74,000 once more. This rejection might see BTC fading again to a decrease finish of $64,000 earlier than happening the true run up into new worth territory. 

Most analysts are of the notion that the value of Bitcoin will attain six-figure territory within the coming months. Different analysts like Michael Sullivan are additionally optimistic, estimating BTC might attain $250,000 in the long run.

On the time of writing, Bitcoin is buying and selling at $66,178, up by 9.9% for the reason that halving on April 19.

BTC bulls push worth towards $67,000 | Supply: BTCUSD on Tradingview.com

Featured picture from Medium, chart from Tradingview.com