Renowned Analyst Anticipates Bitcoin Rebound Post-Correction
A respected figure in the cryptocurrency space, known as Bluntz, is sharing an upbeat outlook on Bitcoin (BTC) following what he believes is the completion of a corrective phase. On the social media platform X, Bluntz outlined his perspective that Bitcoin may have hit a low after wrapping up an ABC corrective sequence on the four-hour timescale.
Applying the Elliott Wave principle, Bluntz emphasized the three-wave correction observed in Bitcoin, hinting at a potential higher low formation for the digital asset. He recommended followers to evaluate investment opportunities in their favorite tokens at this juncture.
Bluntz’s chart analysis points to a potential upward movement for Bitcoin targeting $68,000. At present, Bitcoin is trading at $59,320, showcasing a 3.74% uptick within the last 24 hours.
Shifting focus to Ethereum (ETH), a prominent smart contract platform, Bluntz highlighted an emerging ascending triangle pattern. This pattern is typically viewed as bullish due to its higher lows and the resistance present at the upper trendline. The analyst indicated that Ethereum could be gearing up for a breakout in the near future.
Currently, Ethereum is valued at $2,605 with a 1.72% increase over the past 24 hours.
The optimism shared by Bluntz resonates with the prevailing market sentiment, suggesting potential growth opportunities for both Bitcoin and Ethereum in the foreseeable future.
In summary, analysts such as Bluntz are anticipating a positive trajectory for Bitcoin and Ethereum, advising investors to monitor these developments closely for potential investment prospects.
