Bitcoin Analyst Predicts Surge Past Previous ATH, Eyes $82k Target

A renowned trader who accurately predicted the Bitcoin bear market bottom in 2018 forecasts a rally to record highs. Analyst Bluntz observes a completed ABC corrective wave on the Bitcoin four-hour chart, signaling a potential bottom and subsequent bullish momentum. Bluntz suggests a target price of $82,228 based on Elliott Wave theory, which postulates a price increase after an ABC correction.

A prominent trader who accurately predicted the bottom of the 2018 Bitcoin (BTC) bear market has expressed optimism about the recent market correction, projecting that BTC is poised for a substantial rally to surpass its previous all-time high.

The esteemed analyst, known as Bluntz, shared his insights with his extensive following of 255,000 on the social media platform X, highlighting that Bitcoin appears to have established a local bottom after completing an intricate ABC corrective wave pattern on the four-hour chart.

Bluntz's analysis is guided by Elliott Wave theory, a widely recognized technical analysis approach that postulates that a bullish asset typically experiences a renewed upward trajectory following a three-part ABC correction. Expounding on this, Bluntz confidently stated, "We got the sweep. I think that's the low. BTC."

Scrutinizing Bluntz's chart, it becomes evident that he anticipates BTC to ascend to a groundbreaking record high of $82,228. At the time of publishing this report, BTC is valued at $63,535, indicating a significant potential upside.

Beyond BTC, Bluntz is also closely monitoring the price action of dogwifhat (WIF), a popular memecoin. The analyst suggests that WIF may have found a local bottom around $1.80 but emphasizes the need for further price movements to substantiate this analysis.

"1.80 hit and wicked straight into the 0.618 [Fibonacci level] on WIF. Promising reaction so far, hoping this is the low, but will wait for an impulsive five-wave rise on low timeframes i.e. 30 minutes to one hour for confirmation," Bluntz explained.

At the time of this report, WIF is trading at $2.38.

It is essential to note that the views expressed by Bluntz and other analysts should not be construed as financial advice. Prudent investors are advised to conduct thorough research and seek professional counsel before making any investment decisions.