Bitcoin Poised for New Record Highs, Analyst Forecasts $84,000 Peak

The analyst, known as Bluntz, shared his belief that Bitcoin has entered a new five-wave upward trend, which could push its price towards an all-time high.

Bluntz follows the Elliott Wave theory, which suggests that a strong uptrend in an asset is often characterized by a series of five waves before a major correction occurs.

if we break out from this #btc chopsolidation as i suspect any 4h close above 62k would indicate a wave 3 breakout to me and my new count would look something along the lines of this$BTC pic.twitter.com/O9ASwviCRe

— Bluntz (@Bluntz_Capital) August 23, 2024

Bluntz commented, “We’ve seen the breakout, and I’m quite confident this marks the beginning of a new all-time high run.”

The analyst, known as Bluntz, shared his belief that Bitcoin has entered a new five-wave upward trend, which could push its price towards an all-time high.

At the time of writing, Bitcoin is priced at $64,200, showing a more than 8% increase over the past week.

Bitcoin surged significantly after Jerome Powell’s Jackson Hole speech on Friday, where he hinted that the economic state of the USA is stabilizing and that the effects from the Covid pandemic are almost gone.

This has given investors hope for an upcoming rate cut, which could open all markets to more investments, potentially propelling Bitcoin and other crytocurrencies as well.