Crypto Analyst Predicts Bitcoin (BTC) to Surge to $120,000 as Market Eyes Bullish Momentum

A popular cryptocurrency analyst and trader, known by the pseudonym Bluntz, is forecasting a bullish rally for Bitcoin (BTC), anticipating a surge of

A popular cryptocurrency analyst known by the pseudonym Bluntz is predicting a bullish rally for Bitcoin (BTC), expecting a surge of at least 17% from its current price. Bluntz shared his views with his 309,200 followers on the social media platform X, explaining that Bitcoin has recently experienced “savage price action” after briefly dropping to around $89,200 before quickly recovering. This price movement has convinced the analyst that Bitcoin is poised for a strong upward movement.

Bitcoin Price Prediction: Aiming for $120,000+

Bluntz explains that this next price leg is likely to push Bitcoin to levels above $120,000. The analyst notes that Bitcoin’s recent price action follows a typical pattern where the market “forces sidelined traders and investors to chase price higher.” The sharp pullback to lower levels serves as a mechanism to cause market participants to capitulate, creating the conditions for the upcoming bullish rally.

According to Bluntz, this pattern is indicative of “up only” price movement, with no major dips in the foreseeable future. The analyst believes that Bitcoin is currently in the final stage of a five-wave pattern that started back in September 2024.

Bluntz, a strong proponent of Elliott Wave Theory, uses this method to predict Bitcoin’s price trajectory. The theory suggests that markets move in a five-wave pattern during a major trend, with each wave representing a specific stage of movement. The current phase is the last wave, implying a potential for a significant breakout. Bitcoin is currently trading at $102,580, and the analyst’s forecast suggests an imminent price surge.

FLOKI: Double-Bottom Pattern Signals Bullish Reversal

In addition to his Bitcoin forecast, Bluntz also shared an analysis of FLOKI, a popular memecoin. According to Bluntz, FLOKI is forming a double-bottom pattern on the three-day time frame. A double-bottom is generally regarded as a bullish reversal pattern, which suggests that the token could be set for a significant price recovery.

At the time of writing, FLOKI is trading at $0.000179, and the analyst believes that this formation could set the stage for an upward trend. Double-bottom patterns are typically viewed as signs of a market bottom, with the price likely to reverse and climb higher once the pattern is completed.

Why This Matters for Bitcoin and FLOKI Investors

For investors keeping a close watch on Bitcoin and FLOKI, these analyses could provide crucial insights into potential market opportunities. Bitcoin’s ongoing rally, which may push the leading cryptocurrency to new highs, could attract more investors and traders to the space. Meanwhile, FLOKI’s potential bullish reversal could make it an attractive option for those seeking to diversify their portfolios with a memecoin that is showing signs of strength.

As the cryptocurrency market remains volatile and highly dynamic, traders and investors should remain vigilant of the market signals highlighted by analysts like Bluntz. The forecasted rally in Bitcoin and the double-bottom formation in FLOKI suggest that the crypto market is primed for some exciting developments in the near future.