A prominent crypto analyst known for accurately predicting market lows believes Bitcoin (BTC) is gearing up for a major surge.
Bluntz recently suggested that Bitcoin is entering the final phase of a five-wave rally, according to the Elliott Wave theory.
This theory indicates that a bullish asset undergoes five phases: three upward waves (impulsive) and two corrective waves.
Bluntz highlighted the recent strong weekly close of Bitcoin as a sign that a significant rally to new highs might be underway.
He noted that the durations of the corrective phases (waves two and four) are closely aligned, which he considers a positive indicator.
Based on his analysis, Bluntz expects Bitcoin to potentially reach between $85,000 and $100,000 in this final wave, with a possible extended rally pushing the price up to $115,000.
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Despite Bitcoin’s price struggles, large investors have continued to accumulate, adding over 65,000 BTC in the past month.
Raoul Pal, CEO of Real Vision and a former Goldman Sachs executive, anticipates a surge in Bitcoin and other digital assets as global liquidity expands.
Mt. Gox, the once-dominant cryptocurrency exchange, recently moved 11,501 BTC, valued at around $905 million, to an unidentified wallet, sparking renewed speculation.