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Bitcoin is up more than 135% since the March 2020 low of $ 3,850. The world’s leading cryptocurrency is once again outperforming traditional assets amid the coronavirus pandemic. While Bitcoin is starting to show signs of bullish exhaustion in the near term, a cryptocurrency trader and technical analyst at Elliott Wave believes that the dominant cryptocurrency is gearing up for a strong upward move.
Benjamin Blunts tells His 54,600 Twitter followers say BTC is set for a rally to $ 10,000.
“BTC made 5 waves down in the smallest time frames, ABC fell back and quickly rejected 0.618 almost to the [dollar] and now I think we have one more leg down [$8,000]. [In my opinion] this will be an opportunity to buy the dive in [a] strong uptrend. “
The crypto strategist predicts Bitcoin’s price action using Elliott Wave Theory. The advanced technical analysis system analyzes predictable wave patterns that illustrate the recurring behavior of market participants. In accordance with Elliott Wave principles, an ABC corrective in a bull market is a brief pullback. Once the correction is complete, the asset will likely resume its uptrend.
Blunts relied on his expertise in Elliott Wave analysis to predict Bitcoin’s bear market bottom in 2018. The analyst made his $ 3,200 BTC call in June 2018, which turned out to be remarkably accurate when BTC hit the low on Dec. 15. December.
I’m calling a fund at exactly 3.2k with a $ 200 margin on each side.
He will retweet the shit out of this when it happens.
k thx goodbye 😙😙
$ BTC #BEARISH– enBenjamin Blunts🌲🍄 (@SmartContracter) June 23, 2018
Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and operations are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock / coka
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