Top trader predicts an impending rise in Bitcoin (BTC) to $50,000 – but there’s a big catch
A crypto strategist who hit the bottom of Bitcoin's (BTC) bear market in 2018 believes the leading digital asset is preparing to rally to a new two-year high.
Pseudonymous analyst Bluntz tells his 235,600 followers on social media platform X that Bitcoin is currently in the midst of a five-stage bullish move.
The crypto trader shares a chart that suggests BTC could rise as high as $50,000 in the coming days as the market moves in anticipation of the possible approval of spot-based Bitcoin exchange-traded funds (ETFs ) holds your breath.
“The big week is just around the corner. BTC moved sideways throughout the weekend in anticipation of this week's news.
My bias for BTC is something like this: We move higher on the ETF announcement news and then begin a deeper pullback that breaks the lows of the range.
As BTC reaches new highs, I think some will also reach new highs, judging by the price action of the altcoins over the weekend, but also some will end up making lower highs and not making new highs.”
Source: Bluntz/X
Bluntz is a popular practitioner of Elliott Wave Theory, an advanced technical analysis approach that attempts to predict future price movements by following crowd psychology, which tends to manifest itself in waves. According to the theory, a bullish asset experiences a five-wave rally before moving lower in three waves.
Looking at the trader's chart, he appears to be predicting that Bitcoin will rise above $50,000 to complete its fifth wave, which will subsequently trigger a three-wave correction to $38,000.
At the time of writing, Bitcoin is trading at $46,414, up over 6.5% in the last 24 hours.
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