A top analyst known for timely cryptocurrency calls warns that Bitcoin (BTC) may be witnessing a painful scenario.
Alien trader Bluntz told his 254,100 followers on social media platform X that Bitcoin appears to be making an ABC correction move on the daily chart.
Bluntz practices Elliott Wave Theory, which states that bullish assets typically go through a five-wave uptrend and then consolidate within ABC corrective waves.
Blunts says:
“The biggest pain for BTC is coming off the highs and letting everyone’s FOMO (fear of missing out) come back in and think it’s some kind of triangle breakout and BAM, and then it fades back to the bottom of the range before an actual uptick. ”
According to the trader’s chart, he seems to suggest that BTC will soar to $76,000 before falling to $64,000 before rebounding to a new all-time high of $82,000.
As of this writing, the value of Bitcoin is $69,296, down nearly 4% in the last 24 hours.
Looking at gold, Bluntz said a five-wave rally that could push the precious metal above $3,600 appears to be in full swing.
“Gold may really start to go parabolic after 10 years of barely beating inflation.”
As of this writing, the value of gold is $2,352.
Traders are also paying attention to the Solana vs. Bitcoin (SOL/BTC) pair. According to traders, SOL/BTC likely hit local lows around 0.00246 BTC ($170) after completing an ABC corrective wave.
“Okay, we have swept the low and now there is a bullish hourly differential in SOL/BTC.
I’m sure that’s low.”
As of this writing, SOL/BTC is worth 0.00249 BTC ($172).
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