Bluntz: bitcoin will reach $ 110,000

A cryptocurrency trader known for his successful prediction of a digital asset market bottom in 2018 believes that bitcoin BTC $97,942.21 Bitcoin -0.64% Market capitalization $1.94 trillion VOL. 24 hours $2.95 billion has already begun its climb to $ 100,000 or more. The leading trader on the Bybit platform, known as Bluntz, told his 265,800 followers on the X platform that Bitcoin is in the middle of a five-wave rise headed for new all-time highs.

Bluntz uses the Elliott Wave Theory, which states that during a bull market, an asset usually goes through a five-wave rally, where waves one, three, and five are the rising waves and waves two and four are the corrective periods.

«The last weekly candle of BTC is a real monster and has been rising since the lows of July 8,» Bluntz said. The analyst also expects a short-term pullback from horizontal resistance around $ 71,000, after which the price will go up again.

According to the trader’s chart, after a correction to $ 60,000 (the second wave), BTC could rise to $ 110,000, completing a five-wave rally. At the time of writing, Bitcoin is trading at $ 67,206, which is 0.5% higher than a day ago.

Bluntz is also closely following the Popcat (POPCAT) memecoin, which is based on Solana. The trader is optimistic about this token and expects it to continue to rise after turning its previous high of $ 0.73 into support. At the time of writing, POPCAT is worth $ 0.912.