Bitcoin has likely bottomed out and is now poised for a rally, according to anonymous crypto trader and self-proclaimed “bubble chaser” Bluntz.
In an August 15 post on X, the trader, famous for correctly predicting Bitcoin’s (BTC) bottom in 2018, proclaimed that the cryptocurrency had completed an ABC correction, with its price likely ending around the $68,000 level.
The ABC correction is a fundamental concept of Elliott Wave Theory, which is used to analyze market cycles and predict future price movements. The correction consists of three waves: Wave A, which initiates the correction and moves against the prevailing trend.
The second part of the correction, wave B, usually retraces part of the first wave, while moving in the direction of the initial trend. Wave C continues the correction and often extends beyond wave A.
The correction could help market watchers identify potential reversal and continuation points.
Interestingly, another cryptocurrency trader, Michaël van de Poppe, suggested that Bitcoin could drop as low as $48,000 if its current support level at $56,000 collapses.
Van de Poppe also highlighted the current market capitalization of cryptocurrencies, which stands at over $2 trillion, an increase of just 0.8% over the previous 24 hours, suggesting that the market could still be in the process of correcting.
The analyst said it was possible the market could fall further in the next week or two before rising again.
Other analysts share similar sentiments. Captain Faibik, another pseudonymous trader, posited that Bitcoin could reach $100,000 after exiting its current critical phase. The analyst said the cryptocurrency has been consolidating in a descending broadening wedge pattern since early 2024.
Not to be outdone, Blockstream CEO Adam Beck also shared his thoughts with Coinstelegram’s Anna Tutova, saying that Bitcoin is still in a nascent stage of an ongoing bull cycle.
According to the Bitcoin veteran, the cryptocurrency could potentially skyrocket by more than 700% from its current position, with the main factors being how long investors hold their coins as well as the performance of Bitcoin-based cash exchange-traded funds.
At the time of writing, Bitcoin was trading just below the $60,000 level, having recorded a slight improvement of 0.1% over 24 hours.
