Bitcoin made a significant recovery over the weekend, surpassing the $60,000 level and rising above $63,000 as of early Monday. Crypto analyst Bluntz Capital evaluated this positive momentum and summarized Bitcoin's future price movements within the framework of Elliott Wave Theory.
According to Bluntz Capital's analysis, exceeding the $60,000 level is critical for Bitcoin to reach new all-time highs. In a detailed analysis on Sunday, Bluntz discussed the possible effects of Bitcoin approaching the $60,000 level. At the time, Bitcoin was trading at levels below $60,000, and Bluntz noted that the price action resembled typical accumulation behavior. Accumulation phases often precede rallies and reduce the circulating supply, paving the way for potential price increases.
Bluntz suggested that surpassing the $60,000 level could initiate a new upward momentum for Bitcoin. Indeed, as of Monday, Bitcoin crossed this threshold and support was provided above $62,000. This development coincides with Bluntz's positive predictions, showing that Bitcoin may move towards a new all-time peak.
As Bitcoin's recent recovery takes it above the critical $60,000 level, speculation about its next target is increasing. According to Bluntz Capital's Elliott Wave Theory-based analysis, Bitcoin has the potential to surpass $80,000 during the current impulse wave. This predicts that the cryptocurrency could reach a new all-time high, surpassing its previous peak of $73,000 by 20%.
In recent updates, Bitcoin is trading around $62,700 and has experienced a slight pullback from the $63,000 level. Despite this minor decline, the overall market sentiment is positive and strong support has been formed near $60,500. If Bluntz's analysis proves correct, the current price consolidation could be a precursor to a larger upward move.
Bitcoin's crossing of the $60,000 threshold marks an important turning point in its price journey. According to analysis by Bluntz Capital, this could trigger a new bullish impulse and push Bitcoin to new highs above $80,000. Although the market may experience fluctuations, the long-term outlook remains positive; This means investors can make significant gains in the near future.
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