A crypto analyst known on X (Twitter) as Bluntz said Bitcoin's bull cycle isn't over yet and could last until early 2025.
Based on Bluntz’s chart, it appears that Bitcoin has recently completed the fourth wave of a five-wave pattern on the weekly timeframe, consistent with Elliott’s wave theory.
The chart also shows that Bitcoin could complete the fifth wave of the pattern that began in late 2022, potentially reaching a price just under $100,000.
According to Elliott’s theory, the main price trend of an asset moves in a five-wave pattern, while corrections occur in a three-wave pattern.
The analyst also noted that Bitcoin exhibits a bullish divergence signal on the daily time frame.
Bullish divergence usually occurs when the price of an asset is in a downtrend while an indicator, such as the Relative Strength Index (RSI), is in an uptrend.
Bullish divergences are usually seen as signals of a reversal from a downtrend to an uptrend in the market.
Louisiana has become the latest U.S. state to accept cryptocurrency payments for state services.
CryptoQuant, a prominent market research firm, has observed a notable decline in the supply of short-term holders (STH) of Bitcoin (BTC), which may hinder the cryptocurrency’s potential price surge.
U.S. Congressman Warren Davidson has vocally criticized SEC Chair Gary Gensler, accusing the SEC of deliberately hindering Bitcoin ownership.
Michael Saylor’s MicroStrategy continues to expand its Bitcoin reserves, showing their undeniable optimism for the crypto market bull run.