A top trader predicted the fact that Bitcoin will see a fast rally to $50,000 soon, but he says that there is a catch. Check out the latest reports about this below.
Bitcoin to rally to $50,000
According to a crypto strategist who accurately predicted Bitcoin’s bear market bottom in 2018, the top digital asset is poised for a rally to a new two-year high.
The analyst, known as Bluntz, has informed his 235,600 followers on the social media platform X that Bitcoin is currently in the middle of a five-wave move to the upside.
Bluntz shared a chart indicating that BTC may reach as high as $50,000 in the near future, as the market awaits the potential approval of spot-based Bitcoin exchange-traded funds (ETFs).
“The big week is coming up. BTC traded sideways all weekend in anticipation of this week’s news.
My bias for BTC is something like this, where we spike up on ETF announcement news then start a deeper pullback that sweeps range lows.
While BTC makes fresh highs, judging by altcoin price action over the weekend, I think a few will make fresh highs as well but also quite a few will end up being lower highs and won’t make fresh highs.”
Bluntz is a well-known follower of the Elliott Wave theory, which is an advanced technical analysis methodology that aims to forecast future price movements by tracking crowd psychology that typically manifests in waves.
As per the theory, a bullish asset undergoes a five-wave surge before experiencing a three-wave decline.
Upon examining the trader’s chart, it appears that he predicts that Bitcoin will surge above $50,000 to complete its fifth wave, which will then trigger a three-wave correction to $38,000.
Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the green and the king coin is priced at $46,702.
