Renowned cryptocurrency analyst, Bluntz, has shared his insights on the future of Bitcoin (BTC) and has made a bold prediction of a significant move before the leading cryptocurrency hits new all-time highs. Additionally, he has issued a warning regarding dogwifhat (WIF), an altcoin that has been making waves with its impressive surge this year.
Bluntz, a prominent figure on the social media platform X, has pointed out that Bitcoin is currently in the process of forming a bullish flag pattern on a three-day timeframe, suggesting a strong upward trend after a period of consolidation. For the latest financial and business news, check out COINTURK FINANCE.
The analyst has forecasted a potential drop in Bitcoin’s price to around 60 thousand dollars before it embarks on a rally that could push it above the 80 thousand dollar mark. He anticipates a period of consolidation on high timeframes based on the current market conditions.
On the flip side, Bluntz has expressed concerns about the impact of Bitcoin’s potential pullback on altcoins, noting that while Bitcoin has remained relatively stable, altcoins have already suffered significant losses. He has highlighted the vulnerability of many altcoins to a potential 12% drop in Bitcoin’s value to 62,500 dollars.
Bluntz’s technical analysis suggests a bullish long-term outlook for Bitcoin, with a projected price target of 87,500 dollars by the end of the year. Presently, Bitcoin is trading at 67,480 dollars, experiencing a slight decline of over 3% in the past 24 hours.
Turning his attention to dogwifhat (WIF), the native asset of the popular altcoin, Bluntz has indicated a negative outlook for its price. Based on his analysis, he believes there is a high likelihood of WIF dropping to 1 dollar due to an ABC correction following a five-wave rally, as per the Elliott Wave theory.
Applying this theory to WIF, Bluntz suggests that the altcoin has completed its five-wave surge and is now in the midst of a correction phase, currently trading at 2.54 dollars. His price chart indicates a further downward movement for WIF, potentially reaching a low of 1.068 dollars to complete the ABC correction.
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