Bitcoin Poised for Historic Surge, Analyst Predicts Imminent All-Time High

According to a tweet from analyst Bluntz Capital on April 22, Bitcoin could surge to new all-time highs in the next 1-2 weeks. Leveraging the Elliott Wave Theory, the analyst predicts the uptrend in BTC price will continue as part of a larger wave 3 bull trend and that the current impulse wave 5 has yet to reach its peak. Furthermore, Bluntz suggests that this cycle may see Bitcoin top at around $120,000, echoing other analysts' predictions of six-figure price territory in the coming months.

Bitcoin Poised for Historic Surge, Analyst Predicts New All-Time High Imminent

Cryptocurrency luminary Bluntz Capital has ignited a wave of excitement among Bitcoin enthusiasts, predicting a meteoric price surge that could shatter the current all-time high. This bold forecast, disseminated through the influential social media platform X, follows a flurry of price outlooks for the flagship cryptocurrency in recent days.

Bluntz's reputation for astute market predictions, particularly during the tumultuous bear market of 2018, lends significant weight to his analysis. His latest prognosis is anchored in the Elliott Wave Theory, a renowned technical analysis technique that has guided countless traders in unraveling Bitcoin's enigmatic price movements.

Uncharted Heights: Bitcoin's Ascent to Glory

The past few months have witnessed Bitcoin's relentless march towards new price frontiers, culminating in a new all-time high since November 2021. However, the coveted $70,000 mark remains elusive, despite Bitcoin's brief foray above this watershed level.

Bluntz Capital firmly believes that this impasse is about to be shattered, with his bullish outlook for Bitcoin unwavering. The Elliott Wave Theory postulates a market cycle characterized by five waves in the direction of the dominant trend, interspersed with three corrective waves in the opposite direction. This framework has proven invaluable in deciphering market dynamics in both the short and long term.

According to Bluntz's intricate analysis, meticulously outlined in a 3-day BTC price chart shared on X, Bitcoin's current price trajectory aligns with a smaller bullish Impulse Wave 5 within a broader Wave 3 uptrend. This technical pattern suggests that the pinnacle of Bitcoin's current cycle is yet to be realized, with the cryptocurrency potentially poised to ascend to a new all-time high within the next one to two weeks.

How High Can Bitcoin Soar?

As BTC continues its relentless ascent in this cycle, fueled by the recently concluded halving event, investors eagerly anticipate its ultimate price ceiling. Analysts meticulously studying Bitcoin's halving cycles contend that we are still far from the summit, drawing parallels with historical patterns.

Bluntz Capital projects that Bitcoin will culminate at a staggering $120,000 in the current cycle. In a previous Bitcoin analysis, the analyst anticipated a potential retracement after BTC breached $74,000 once again. This correction could result in a dip to $64,000 before Bitcoin embarks on its true trajectory towards uncharted price territories.

The vast majority of analysts concur that Bitcoin is destined to enter six-figure territory in the months ahead. Notable figures like Michael Sullivan share a bullish outlook, envisioning BTC reaching $250,000 in the distant future.

At the time of writing, Bitcoin is poised at $66,178, having surged by an impressive 9.9% since the halving event on April 19. The cryptocurrency's upward momentum is gaining traction, propelled by the unwavering conviction of crypto enthusiasts and analysts alike.