🔥🔥🔥 Top Analyst Says ‘Max Pain’ Scenario Coming for Bitcoin ($BTC ), Predicts Parabolic Rally for Gold
A prominent analyst, renowned for his accurate crypto predictions, issues a cautionary note regarding Bitcoin's current trajectory.
Known as Bluntz, the trader shares insights with his 254,100 followers on the social media platform X, indicating that Bitcoin might be undergoing an ABC corrective move on the daily chart.
Employing the Elliott Wave theory, Bluntz suggests that Bitcoin, following a five-wave uptrend, typically consolidates within an ABC corrective wave pattern.
Bluntz elaborates, stating:
- "The maximum pain scenario for BTC could involve surpassing previous highs, enticing #FOMO (fear of missing out) buyers to enter the market under the illusion of a triangle breakout, only to abruptly reverse back into the lower end of the range before initiating a genuine upward surge."
According to Bluntz's analysis, BTC could potentially surge to $76,000 before retracing to $64,000, ultimately rallying to a new all-time high of $82,000.
As of writing, Bitcoin is valued at $69,296, reflecting a nearly 4% decline over the past 24 hours.
Turning to gold, Bluntz suggests that the precious metal is poised for a five-wave rally, potentially propelling prices above $3,600.
"Gold appears primed for a parabolic ascent after a decade of marginally outperforming inflation."
At present, #gold is priced at $2,352.
- Additionally, Bluntz is closely monitoring the #Solana versus Bitcoin (SOL/BTC) pair. He believes SOL/BTC may have established a local bottom around 0.00246 BTC ($170) following the completion of an ABC corrective wave.
At the time of writing, SOL/BTC is trading at 0.00249 BTC ($172).
Source - dailyhodl.com
