Trader known for calling Bitcoin lows predicts new all-time highs for BTC and updates outlook on Dogecoin rival
A trader who hit the bottom of the 2018 Bitcoin bear market believes the recent correction has positioned BTC to rise to a new all-time high.
Top analyst Bluntz tells his 255,000 followers on social media platform X that Bitcoin appears to have hit a local bottom after completing an ABC corrective wave on the four-hour chart.
The trader uses the Elliott Wave theory, which states that a bullish asset often experiences a new increase after a three-part ABC correction.
says Bluntz,
“We got the sweep. I think this is the low point. BTC.”
Source: Bluntz/X
A look at the trader's chart suggests that BTC will rise to a new record high of $82,228.
At the time of writing, BTC is worth $63,535.
The trader is also closely monitoring the movements of the memecoin Dogwifhat (WIF). The analyst says WIF may have hit a local bottom around $1.80, but notes that further price action is needed to confirm his analysis.
“The $1.80 level went straight into the 0.618 level [Fibonacci level] At WIF. So far the reaction is promising, I hope this is the bottom, but we will wait for an impulsive five-wave rise in low time frames i.e. 30 minutes to an hour for confirmation.”
Source: Bluntz/X
At the time of writing, WIF is worth $2.38.
Don't miss a thing – Subscribe to receive email alerts straight to your inbox
Check price action
Follow us on Twitter, Facebook and Telegram
Surf the Daily Hodl Mix
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Midjourney
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.