It has been just revealed that the predicitons about the price of Bitcoin are getting more and more optimistic these days. Check out the latest reports about what’s in store for the king coin.
Bitcoin price predictions
At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $36,640.
A crypto trader who is known for predicting the bottom for Bitcoin (BTC) in 2018 is optimistic about the flagship crypto asset.
The trader, who goes by the pseudonym Bluntz, has shared with his 227,200 followers on the social media platform X that Bitcoin seems to be consolidating for a fortnight.
Using the Elliott Wave theory in his technical analysis, Bluntz predicts that Bitcoin’s price could initially reach $38,000 before eventually hitting $42,000 in a series of waves.
The Elliott Wave theory suggests that the price of an asset moves in a five-wave pattern during the main trend while the correction occurs in a three-wave pattern.
Bluntz has commented on the current state of Solana (SOL), the seventh-largest cryptocurrency by market capitalization.
Previously, SOL had broken out of a descending channel after significant accumulation, but the decentralized application platform has now stalled.
According to Bluntz, SOL could trade within a range for a while before eventually turning upwards. The analyst’s initial target is just over 10% higher than the current price.
Bitcoin in the news
According to a renowned crypto strategist and trader, Bitcoin (BTC) is currently experiencing the early stages of a parabolic surge.
Kevin Svenson, a crypto analyst with a following of 130,100 on the social media platform X, has explained that Bitcoin usually undergoes a parabolic surge during its pre-halving year.
The halving is scheduled for April 2024 and is traditionally viewed as a bullish catalyst since it cuts BTC miners’ rewards in half. Check out our previous article in order to learn more details.
