Bluntz analyst predicts bitcoin’s growth to $ 32,000 in the coming weeks

The cryptocurrency analyst who predicted the lowest bitcoin price in the 2018 bear market has published a new forecast. The expert, who goes by the pseudonym Bluntz, is convinced that BTC $65,755.33 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion is preparing to break this year’s highs.

In a new video, the analyst told his 224,500 followers on the X platform that BTC will witness several corrective moves before regaining its bullish momentum. In his analysis, Bluntz uses the Elliott Wave Theory, an approach to technical analysis that attempts to predict future price action by following crowd psychology, which tends to manifest itself in the form of waves. According to the theory, a five-wave rally is usually followed by an ABC pattern, when an asset loses some of its gains before starting a new upward movement.

According to the crypto strategist, BTC has already completed a five-wave upward movement from around $ 16,000 to $ 32,000 and is now in the midst of an ABC correction. This is what will cause bitcoin to fall as low as $ 23,000. After the ABC correction is complete, Bluntz expects BTC to resume its uptrend.

trying out X videos for the first time.

just made a macro video update on #btc, $eth, and $total marketcap, enjoy. pic.twitter.com/tCRLYWfXdb

— Bluntz (@Bluntz_Capital) September 3, 2023

«Once we see the completion of the last fifth wave and all its patterns, this will probably be the point where we start to push back and find a low and then move up to new highs and break those highs from $ 32,000. There is still some time left. It will probably take another month or so,» the analyst explained.

As a reminder, a well-known crypto blogger Lark Davis shared his analysis of the current situation in the digital asset market. The expert announced a possible rise in the bitcoin rate to $ 180,000 in his profile on the X platform. Davis noted that the period of coin accumulation before the BTC halving «has historically been the best time to build positions.»