Top trader who hit Bitcoin bottom in 2018 outlines BTC roadmap to $60,000 – here’s his timeline
A trader who pinpointed the bottom of Bitcoin’s (BTC) bear market in 2018 is suggesting a price path to $60,000 for the crypto king.
Pseudonymous analyst Bluntz tells his 229,700 followers on social media platform X that Bitcoin is looking really bullish as it is in the midst of a third wave rally.
Bluntz practices Elliott Wave Theory, a technical analysis method 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 goes through a five-wave uptrend, with the third wave being the longest uptrend.
says Bluntz,
“Yes, I am taking part in the expanded third wave that is currently underway. I’m pretty sure Credible Crypto does too.”
Source: Bluntz/X
Looking at the trader’s chart, he appears to be predicting that BTC will end its third wave rally at $50,000 before a correction lower to $42,500 in the fourth wave. The chart also shows Bitcoin hitting $60,000 in the fifth and final wave before September 2024.
At the time of writing, Bitcoin is trading at $37,787.
The crypto strategist also updates his outlook on smart contract platform Solana (SOL). According to Bluntz, Solana is primed for a steep rally after hitting a local bottom around $55.
“Don’t waste your last chance before SOL is above $80.”
Source: Bluntz/X
At the time of writing, SOL is trading at $58.67.
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