A trader who nailed the 2018 Bitcoin bear market bottom believes that the most recent correction has put BTC in a position to rally to a new all-time high.
Top analyst Bluntz tells his 255,000 followers on the social media platform X that Bitcoin appears to have printed a local bottom after completing an ABC corrective wave on the four-hour chart.
The trader uses Elliott Wave theory, which states that a bullish asset often witnesses a fresh leg up after an three-part ABC correction.
Says Bluntz,
“We got the sweep. I think that’s the low. BTC.”
Looking at the trader’s chart, he appears to suggest that BTC will rally to a fresh record high of $82,228.
At time of writing, BTC is worth $63,535.
The trader is also keeping a close watch on the movements of memecoin dogwifhat (WIF). The analyst says that WIF may have printed a local bottom at around $1.80 but notes that more price action is needed to confirm his analysis.
“$1.80 hit and wicked straight into the 0.618 [Fibonacci level] on WIF. Promising reaction so far, hoping this is the low, but will wait for an impulsive five-wave rise on low timeframes i.e. 30 minutes to one hour for confirmation.”
At time of writing, WIF is worth $2.38.
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Generated Image: Midjourney