Top analyst says a “max pain” scenario is imminent for Bitcoin (BTC) and predicts a parabolic rally for gold
A top analyst known for making timely crypto calls warns that Bitcoin (BTC) may be experiencing a painful scenario right now.
Pseudonymous trader Bluntz tells his 254,100 followers on social media platform X that Bitcoin appears to be showing an ABC corrective move on the daily chart.
Bluntz practices the Elliott Wave Theory, which states that a bullish asset typically consolidates within an ABC corrective wave after going through a five-wave uptrend.
says Bluntz,
“The maximum pain for BTC is taking out the highs, putting everyone back into FOMO (fear of missing out) and thinking it's some sort of triangle breakout, then BAM, diving back into the bottom of the range before it the actual increase occurs. ”
Source: Bluntz/X
Based on the trader's chart, he seems to suspect that BTC will rise to $76,000 and then fall to $64,000 before rising to a new all-time high at $82,000.
At the time of writing, Bitcoin is worth $69,296, down almost 4% in the last 24 hours.
Looking at gold, Bluntz says the precious metal appears to be in the midst of a five-wave rally that could push the price above $3,600.
“Gold is actually on the verge of going parabolic after barely exceeding inflation for a decade.”
Source: Bluntz/X
At the time of writing, gold is worth $2,352.
The trader is also keeping an eye on the Solana vs. Bitcoin (SOL/BTC) pair. According to the trader, SOL/BTC has likely reached a local bottom around 0.00246 BTC ($170) after completing an ABC correction wave.
“Ok, we hit that low and now we have an hourly bullish divergence on SOL/BTC.
I’m pretty sure this is the lowest point.”
Source: Bluntz/X
At the time of writing, SOL/BTC is worth 0.00249 BTC ($172).
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