Bitcoin has probably bottomed out and is now primed for an uptick, according to anonymous crypto trader self-proclaimed “bubblechaser” Bluntz.
In an Aug. 15 post on X, the trader — famous for correctly predicting the 2018 Bitcoin (BTC) bottom — proclaimed that the cryptocurrency had completed an ABC correction, with its price probably due to end up around the $68,000 level.
clear 3 wave move down on $btc so far, this ends up being a higher low imo.time to bid your favourite coins. pic.twitter.com/PvgrjiQwNe
— Bluntz (@Bluntz_Capital) August 15, 2024
An ABC correction is a fundamental concept in Elliott Wave theory, which is used to analyze market cycles and predict future price movements. The correction consists of three waves; wave A, which initiates the correction and moves and moves against the prevailing trend.
The second part of the correction, wave B, usually retraces a part of the first wave, while moving in the direction of the original trend. Wave C continues the correction and often extends beyond wave A.
The correction could help market watchers identify potential reversal points and continuation points.
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Interestingly, another crypto trader, Michaël van de Poppe, suggested that Bitcoin could plummet to as low as $48,000 if it’s current support level at $56,000 crumbled.
#Bitcoin is having a casual price correction on a Thursday evening.Holding a crucial level of support, losing $56K and we will likely see new lows or a retest at $48K. pic.twitter.com/UZqGUMp343
— Michaël van de Poppe (@CryptoMichNL) August 16, 2024
Van de Poppe also highlighted the current crypto market cap of over $2 trillion, an increase of just 0.8% from the previous 24 hours, suggesting the market could still be correcting.
The analyst said there was a possibility the market could drop some more in the next one or two weeks, before shooting back up.
The total #crypto market capitalization has still seen the low of this correction.Expecting 1-2 weeks of pain before we're going to be surging back upwards. pic.twitter.com/ZJXyEKw5bh
— Michaël van de Poppe (@CryptoMichNL) August 17, 2024
Other analysts share similar sentiments. Captain Faibik, another pseudonymous trader, postulated that Bitcoin could move to as high as $100,000 after it exits its current critical phase. The analyst stated that the cryptocurrency had been consolidating inside a descending broadening wedge pattern since early 2024.
Not to be left behind, Blockstream CEO Adam Beck also shared his thoughts with Coinstelegram’s Anna Tutova, saying Bitcoin was still at a nascent stage of an ongoing bull cycle.
According to the Bitcoin veteran, the cryptocurrency could potentially skyrocket by more than 700% from its current position, with its main drivers being the length of time investors hold their coins as well as the performance of Bitcoin-based spot exchange-traded funds.
At the time of writing, Bitcoin was trading just below the $60,000 level, having made a slight 0.1% improvement across 24 hours.
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