Bitcoin (BTC) Primed to Rally by at Least 17% to $120,000, Cryptocurrency Analyst Bluntz Says

A pseudonymous cryptocurrency analyst and trader is bullish on Bitcoin (BTC) and memecoin Floki (FLOKI).

The analyst, known as Bluntz, has 309,200 followers on the social media platform X. He recently shared his thoughts on BTC and FLOKI with his followers.

According to Bluntz, Bitcoin has been showing “savage price action” after falling to around $89,200 and then quickly recovering. He believes that BTC is now primed to rally by at least 17% from the current level.

“Take the lows, make everyone capitulate and then up only with no dips forcing sidelined traders and investors to chase price higher,” said the analyst. “This next leg up should be the one that takes us to $120,000+ in my opinion.”

Bluntz also shared a chart that shows his analysis of Bitcoin's price action. Based on the chart, the analyst believes that BTC is in the last part of a five-wave pattern that started in September of 2024.

The Elliott Wave theory, which is being used by the analyst in his technical analysis, states that the main trend of the price of an asset 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, according to CoinMarketCap.

Bluntz also offered his analysis of FLOKI on a three-day time frame. According to the analyst, FLOKI is forming a double-bottom pattern, which is typically considered a bullish reversal pattern.

Bluntz noted that FLOKI is preparing to rally by 1,200% based on his analysis of the memecoin’s chart. He also added that FLOKI is set to hit $0.002.

FLOKI is trading at $0.000179 at the time of writing.