According to anonymous cryptocurrency trader and self-proclaimed “bubble chaser” Blunts, Bitcoin has probably bottomed and is now ready to rally.
In a post on X on August 15, the trader known for accurately predicting the Bitcoin (BTC) bottom in 2018 declared that the cryptocurrency has completed its ABC correction and that the price will likely end at the $68,000 level.
ABC corrections are a fundamental concept of Elliott Wave Theory, used to analyze market cycles and predict future price movements. Corrections consist of three waves: Wave A, which initiates the correction and goes against the prevailing trend.
The second part of the correction, wave B, usually retraces part of the first wave, moving in the direction of the original trend. Wave C continues the correction, often extending beyond wave A.
These corrections can help market experts identify potential reversal points and continuation points.
What’s interesting is that another cryptocurrency trader, Michael van de Poppe, said that if Bitcoin breaks its current support level of $56,000, the price could crash to $48,000.
Van der Poppe also highlighted that the current cryptocurrency market cap is over $2 trillion, down just 0.8% over the last 24 hours, suggesting that the market may still be in a correction.
Analysts said the market is likely to decline further in the next week or two before surging again.
Other analysts share similar sentiments. Another pseudonymous trader, Captain Pyvik, has speculated that Bitcoin could rise to as high as $100,000 after it breaks out of its current critical phase. The analyst said the cryptocurrency has been consolidating within a descending expanding wedge pattern since early 2024.
Not to be outdone, Blockstream CEO Adam Beck also shared his thoughts with Coinstelegram’s Anna Tutova, saying that Bitcoin is still in the early stages of a sustained bull cycle.
According to Bitcoin experts, the cryptocurrency has the potential to surge by more than 700% from its current levels, with the main drivers being how long investors hold their coins and the performance of Bitcoin-based spot exchange-traded funds (ETFs).
At the time of writing, Bitcoin was trading just below the $60,000 level, up a modest 0.1% over the past 24 hours.