A Promising Outlook for Bitcoin and FLOKI According to Analyst Bluntz
A well-known cryptocurrency analyst and trader, who goes by the pseudonym Bluntz, has shared his positive stance on Bitcoin (BTC) with his extensive following on the social media platform X.
Bluntz highlighted the recent “savage price action” of Bitcoin, noting a quick recovery after a dip to around $89,200. He believes that Bitcoin is now poised for a significant rally, with potential for a 17% increase from its current level.
In his analysis, Bluntz stated, “Take the lows, make everyone capitulate and then up only with no dips forcing sidelined traders and investors to chase price higher. This next leg up should be the one that takes us to $120,000+ in my opinion.”
Bluntz, who frequently utilizes the Elliott Wave theory in his technical analysis, indicated that Bitcoin is currently in the final phase of a five-wave pattern that began in September 2024. The Elliott Wave theory suggests that asset prices move in a five-wave pattern during an uptrend, followed by a three-wave correction.
As of now, Bitcoin is trading at $102,580.
Additionally, Bluntz shared insights on the memecoin FLOKI, noting that it is forming a double-bottom pattern on the three-day timeframe, a pattern typically seen as a bullish reversal indicator.
At the time of writing, FLOKI is priced at $0.000179.
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