dailyhodl.com
An analyst with a history of timely Bitcoin calls believes that conditions are now ripe for $BTC to witness huge upside bursts to new all-time highs.
Pseudonymous analyst Bluntz tells his 289,300 followers on the social media platform X that $BTC appears to be in the initial stages of a parabolic rally that could take Bitcoin well above $100,000.
“It’s happening $BTC.”
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to go through a five-wave surge where waves one, three and five are upside moves and waves two and four are corrective periods.
Looking at the trader’s chart, he seems to suggest that $BTC is in the midst of a major wave three rally en route to $106,000 before a wave four pullback and an explosion to $122,000.
At time of writing, $BTC is worth $72,624, up over 3% in the past day.
Turning to Dogecoin ($DOGE), the crypto strategist is also in the early stages of a five-wave rally with a target price of around $0.40.
“Presented without comment.”
At time of writing, $DOGE is worth $0.174, up over 10% in the past day.
As for fellow memecoin dogwifhat, the trader thinks $WIF is ready to start a new run after the altcoin printed a bullish divergence signal on the four-hour chart.
“We got double bull divs on $WIF [four-hour chart] now.”
A bullish divergence is a bullish reversal signal as it suggests that an asset momentum’s is on the up and up even though the price is trending lower or sideways.
At time of writing, $WIF is worth $2.59, up over 5% on the day.
Generated Image: Midjourney