A widely followed crypto trader who accurately predicted the bottom for Bitcoin (BTC) in 2018 is expressing bullish sentiment on the flagship crypto asset.

Pseudonymous analyst Bluntz tells his 227,200 followers on the social media platform X that Bitcoin appears to be “on the cusp of breaking out” after consolidating for a fortnight.

Bluntz utilizes the Elliott Wave theory in his technical analysis. According to the trader’s charts, Bluntz predicts the price of Bitcoin could hit an initial target of $38,000 before eventually reaching $42,000 in a series of waves.

The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while the correction happens in a three-wave pattern.

Source: Bluntz/X

Bitcoin is trading at $35,350 at time of writing, up by around 30% since mid-October.

Turning to the seventh-largest crypto asset by market cap, Bluntz says the decentralized application platform Solana (SOL) has stalled after previously breaking out of a descending channel following significant accumulation.

According to the analyst, Solana could trade in a range for a while before turning to the upside. Bluntz’s initial target is a little over 10% up from the current price.

Source: Bluntz/X

SOL is worth $43.23 at time of writing, up by over 100% since mid-October.

Generated Image: DALLE3

The post Analyst Who Nailed Bitcoin 2018 Bottom Says BTC on Cusp of Breaking Out – Here Are His Targets appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 9, 2023 8:32 am