A cryptocurrency analyst known for making timely Bitcoin calls believes that BTC is set to make a final correction before exploding to new record highs.
pseudonymous analyst Bluntz told his 261,200 followers on social media platform X that Bitcoin appears to be forming a bull pennant pattern on the three-day chart.
According to analysts, BTC could see a decline close to $60,000 to set the stage for a rally above $80,000.
“At the moment, we are leaning toward some degree of BTC consolidation.
I think it makes the most sense, but what’s more worrying is that Alts are collapsing and BTC has barely even sneezed at it so far.
For BTC, a drop of just 12% to $62,500 could be catastrophic for some other alternatives.”
Looking at the trader’s chart, he seems to be predicting that Bitcoin will rally close to $87,500 by the end of the year. As of this writing, the value of Bitcoin is $67,315, down more than 3% over the past day.
Crypto strategists are also closely watching Memecoin Dogwifhat (WIF). The analyst said WIF is likely to trend lower and collapse to $1.
Bluntz practices Elliott Wave theory, a technical analysis approach that states that bullish assets tend to witness ABC corrections after completing a five-wave rally. According to the trader’s chart, he seems to be suggesting that WIF has already completed a five-wave surge when it approaches $5. The chart shows WIF falling to $1.068 to end the ABC correction.
As of this writing, WIF is worth $2.54.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us XFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3