dailyhodl.com
A crypto analyst known for making timely Bitcoin calls believes $BTC is due for a final corrective move before an explosion to fresh record highs.
Pseudonymous analyst Bluntz tells his 261,200 followers on the social media platform X that Bitcoin appears to be forming a bull pennant pattern on the three-day chart.
According to the analyst, $BTC may see a leg down close to $60,000 to set the stage for a rally above $80,000.
“For now, I’m leaning towards some high time frame $BTC consolidation.
Makes the most sense to me, but what’s more concerning is alts are crushed and $BTC has barely even sneezed so far.
A pullback into $62,500 which for $BTC would only be 12% could be devastating for some other alts.”
Looking at the trader’s chart, he seems to predict that Bitcoin will rally close to $87,500 by the end of the year. At time of writing, Bitcoin is worth $67,315, down over 3% in the past day.
The crypto strategist is also keeping a close eye on the memecoin dogwifhat ($WIF). The analyst says $WIF looks bearish and will likely witness a collapse to $1.
Bluntz practices the Elliott Wave theory, a technical analysis approach that states that a bullish asset tends to witness an ABC correction after completing a five-wave rally. Based on the trader’s chart, he seems to be suggesting that $WIF has already completed a five-wave surge when it rose close to $5. The chart also shows $WIF dropping to $1.068 to end its ABC correction.
At time of writing, $WIF is worth $2.54.
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