Bitcoin's Bullish Signal
A well-known cryptocurrency analyst and trader, known as Bluntz, is optimistic about Bitcoin's (BTC) future. He accurately predicted Bitcoin's lowest point in 2018 and now believes that Bitcoin has probably found its bottom once more. This prediction comes after Bitcoin completed an ABC corrective move on its four-hour chart.
Bluntz utilizes the Elliott Wave theory, which suggests that after an asset experiences a three-wave correction, it typically rallies. The analyst said, "It's a clear three-wave move down on BTC so far, which indicates a higher low, in my view. It's time to invest in your favorite coins."
According to Bluntz's chart, Bitcoin is likely to surge to $68,000. As of now, Bitcoin is trading at $59,320, a 3.74% rise over the past day.
Ethereum's Potential Breakout
Moving on to Ethereum (ETH), the second-largest smart contract platform, Bluntz sees positive signs for a potential breakout. Ethereum is currently trading within an ascending triangle pattern, which is often a bullish signal. This pattern consists of higher lows and a flat upper trendline acting as a resistance level.
Bluntz commented, "ETH looks like it's gearing up for a breakout here, in my opinion." Currently, Ethereum is trading at $2,605, marking a 1.72% increase in the last 24 hours.
Understanding Key Terms
- Elliott Wave Theory: This is a technical analysis theory that suggests market prices move in predictable, repeating patterns, known as waves.
- ABC Corrective Move: A three-wave pattern often seen in the Elliott Wave Theory, indicating a temporary pause in the market trend.
- Ascending Triangle: A chart pattern used in technical analysis that appears when the price makes higher lows but faces resistance at the top.
Bluntz's insights provide valuable guidance for those interested in the cryptocurrency markets. By understanding these technical patterns and theories, investors can make informed decisions in the decentralized finance (DeFi) space.
