If we are to believe popular analyst Bluntz, Bitcoin has now officially completed the ABC correction by closing the week above $60,000. Bluntz uses Elliott Wave Theory, a technical analysis theory based on crowd psychology, for his analyses.
Bitcoin to all-time highs?
If we are to believe Bluntz, Bitcoin is ready to shoot towards new all-time highs. “Okay, this price action is starting to look like accumulation. If Bitcoin crosses $60,000, then I think we have started and there may be a new momentum,” Bluntz said.
Based on his chart, Bluntz seems to be counting on a Bitcoin price of around $80,000 with this new impulse. That would result in a new all-time high for the digital currency.
Currently, Bitcoin is trading at $63,070, which is just over $10,000 away from its all-time high. That’s remarkable, as it was just $53,500 not long ago.
In that respect, Bitcoin seems to have put the worst behind it, but of course we will never know for sure.
Bullish divergence on Bitcoin daily chart
According to Bluntz, there is a so-called bullish divergence on the daily chart of Bitcoin. This is what technical analysis refers to when the Relative Strength Index (RSI) rises while the price falls.
Usually this is a signal that the price could turn around at any moment and start a new trend.
“I’m surprised there are so few people talking about this bullish divergence,” Bluntz said.
The analyst said this at a price of 59,000 dollars. Bitcoin is now trading 4,000 dollars higher than it was at that time.
As for the bull market, the analyst expects that we will see positive price action at least until 2025. That means that the bull market is not over yet, according to Bluntz.
What do you think? Will Bitcoin make another all-time high this year?
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Source: https://newsbit.nl/analist-bitcoin-is-klaar-voor-nieuwe-all-time-highs/
