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A trader who nailed the 2018 Bitcoin bear market bottom believes that the most recent correction has put BTC in a position to rally to a new all-time high.
Top analyst Bluntz tells his 255,000 followers on the social media platform X that Bitcoin appears to have printed a local bottom after completing an ABC corrective wave on the four-hour chart.
The trader uses Elliott Wave theory, which states that a bullish asset often witnesses a fresh leg up after an three-part ABC correction.
Says Bluntz,
“We got the sweep. I think that’s the low. BTC.”
Looking at the trader’s chart, he appears to suggest that BTC will rally to a fresh record high of $82,228.
At time of writing, BTC is worth $63,535.
The trader is also keeping a close watch on the movements of memecoin dogwifhat (WIF). The analyst says that WIF may have printed a local bottom at around $1.80 but notes that more price action is needed to confirm his analysis.
“$1.80 hit and wicked straight into the 0.618 [Fibonacci level] on WIF. Promising reaction so far, hoping this is the low, but will wait for an impulsive five-wave rise on low timeframes i.e. 30 minutes to one hour for confirmation.”
At time of writing, WIF is worth $2.38.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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