A widely followed cryptocurrency analyst and trader is bullish on Bitcoin (BTC).
The analyst and trader known as Bluntz tells his 309,200 followers on social media platform is quickly straightened.
According to the analyst, Bitcoin is poised to rebound at least 17% from the current level.
“Take the lows, make everyone capitulate, then only go back up without any lows forcing marginalized traders and investors to chase prices higher.
This next step should be the one that gets us over $120,000 in my opinion.
Based on a chart by the pseudonymous analyst who regularly applies the Elliott Wave theory in his technical analysis, Bitcoin is in the latter part of a five-wave pattern that began in September 2024. The theory d The Elliott Wave indicates that the main trend of an asset’s price moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Bitcoin is trading at $102,580 at the time of writing.
The analyst also offers his views on the FLOKI memecoin (FLOKI). According to Bluntz, FLOKI forms a double bottom pattern over a three-day period. A double bottom pattern is generally considered a bullish reversal pattern.
FLOKI is trading at $0.000179 at the time of writing.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may 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.
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