Analyst predicts Bitcoin will surge to $68,000 after hitting bottom
Bitcoin has possibly reached its lowest point and is now set for an increase, according to the anonymous crypto trader known as “bubblechaser” Bluntz.
In a post on X dated August 15, the trader — famous for accurately predicting the 2018 Bitcoin (BTC) bottom — declared that the cryptocurrency had completed an ABC correction and its price was likely to end up around $68,000.
An ABC correction is a key concept in Elliott Wave theory, used to analyze market cycles and predict future price movements. The correction consists of three waves: wave A, which initiates the correction against the prevailing trend.
The second part, wave B, usually retraces part of the first wave while moving in the direction of the original trend. Wave C continues the correction and often extends beyond wave A.
This correction could help market watchers pinpoint potential reversal and continuation points.
Notably, another crypto trader, Michaël van de Poppe, suggested that Bitcoin could drop as low as $48,000 if its current support level at $56,000 were to fail.
#Bitcoin is experiencing a mild price correction on a Thursday evening.
Holding a crucial support level, losing $56K could lead to new lows or a retest at $48K. pic.twitter.com/UZqGUMp343
— Michaël van de Poppe (@CryptoMichNL) August 16, 2024
Van de Poppe also pointed out the current crypto market cap of over $2 trillion, showing a mere 0.8% increase from the previous 24 hours, hinting at a possible ongoing correction in the market.
The analyst mentioned the potential for further drops in the market in the next one or two weeks before a rebound.
The total #crypto market capitalization seems to have hit the low point of this correction.
Expecting 1-2 weeks of downward movement before a surge upwards. pic.twitter.com/ZJXyEKw5bh
— Michaël van de Poppe (@CryptoMichNL) August 17, 2024
Other analysts echo similar views. Captain Faibik, another anonymous trader, speculated that Bitcoin could rise as high as $100,000 after exiting its current critical phase. The analyst observed that the cryptocurrency had been consolidating within a descending broadening wedge pattern since early 2024.
Blockstream CEO Adam Beck also shared his insights with Coinstelegram’s Anna Tutova, stating that Bitcoin was still in the early stages of a bull cycle.
According to the Bitcoin veteran, the cryptocurrency could potentially surge by over 700% from its current position, driven by factors like the length of time investors hold their coins and the performance of Bitcoin-based spot exchange-traded funds.
As of now, Bitcoin was trading just below the $60,000 mark, showing a slight 0.1% improvement over 24 hours.
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