A trader known for calling crypto bottoms thinks Bitcoin’s (BTC) run toward $100,000 and beyond has started.
Bybit’s top Master Trader Bluntz tells his 265,800 followers on the social media platform X that Bitcoin is in the midst of a five-wave surge en route to new all-time highs.
The analyst uses Elliott Wave theory, which states that a bullish asset tends to witness a five-wave rally where waves one, three and five are upside moves and waves two and four are corrective periods.
Says Bluntz,
“The [last] BTC weekly is an absolute monster and has been up only from [July 8th] lows.
I suspect a pullback comes from horizontal resistance around $71,000 after everyone sidelined has successfully FOMO’ed (fear of missing out) back in.
Markets are very efficient at doing that.”
Looking at the trader’s chart, he seems to suggest that BTC will correct to $60,000 for wave two before soaring to as high as $110,000 to end its five-wave uptrend.
At time of writing, Bitcoin is trading for $68,148, up over 1% on the day.
The trader is also keeping a close watch on the Solana (SOL)-based meme token Popcat (POPCAT). Bluntz says he’s bullish on the memecoin and expects it to soar to greater heights after flipping its previous all-time high level at $0.73 into support.
“All-time high retest complete, POPCAT full sends soon in my opinion.”
At time of writing, POPCAT is worth $0.912.
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The post Trader Who Nailed 2018 Crypto Bottom Unveils Bitcoin Path to $110,000, Calls BTC an ‘Absolute Monster’ appeared first on The Daily Hodl.