Bluntz: bitcoin is in for a powerful rally

A cryptocurrency market analyst known as Bluntz predicts a significant increase in the bitcoin rate BTC $75,177.00 Mezo Wrapped BTC -0.82% Market capitalization $0.1 billion VOL. 24 hours $0.63 billion , pointing to signs of preparation for a new bull market. According to his observations, after falling to around $ 49,000 in August, the main cryptocurrency has been showing smaller and smaller corrective pullbacks. This, in turn, indicates that strong growth is approaching.

«If we see these second waves of [на графіку], they are getting smaller and smaller because they are preparing for an upward breakout, similar to the monstrous third wave, which is what I predict.

We see that it makes sense that this second wave of ABCs is getting smaller and smaller. The first [на рівні $ 52 000] reached 0.768 Fib (Fibonacci level), the second [на рівні $ 59 600] barely reached 0.50 Fib, and now we see that the third [на рівні $ 65 300] has reached only 0.382 Fib.

This is a sign of a strong market," the crypto expert said.

Bluntz applies the Elliott Wave Theory, according to which the market goes through a five-wave rise, with the third wave being the most rapid. According to the analyst, the last three corrective waves in the price of bitcoin reached gradually lower Fibonacci levels: the first correction reached 0.768 Fib at $ 52,000, the second reached 0.5 Fib at $ 59,600, and the last reached only 0.382 Fib at $ 65,300.

Bluntz believes that as long as bitcoin stays above $ 65,300, it could consolidate near $ 68,000 and then move on to a strong wave of growth. At the time of writing, bitcoin was trading at $ 68,360, which confirms expectations of a gradual move to new highs.