Top Trader Predicts Bitcoin Surge to $100,000

A well-known crypto analyst, recognized for pinpointing market lows, now predicts that Bitcoin (BTC) is on track to exceed $100,000.

Bluntz, a top trader at Bybit, has shared that Bitcoin is undergoing a five-wave bullish pattern. According to Elliott Wave theory, this pattern typically involves three upward movements and two corrective phases.

current #btc weekly is an absolute monster and has been up only from last weeks lows.

i suspect a pullback comes from horizontal resistance around 71k after everyone sidelined has successfully fomo’ed back in.

markets are very efficient at doing that. pic.twitter.com/8bWqttLLUc

— Bluntz (@Bluntz_Capital) July 20, 2024

Bluntz observes that Bitcoin’s recent performance has been notably strong since the July 8 lows. He anticipates a potential pullback to around $71,000 before the price could rise significantly, possibly reaching up to $110,000.

This expected dip is seen as part of the normal pattern where investors rush in during market rallies, often driven by FOMO (fear of missing out).

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Alexander Stefanov