Bitrabo Editorial
Bitcoin exhibited a strong rebound over the weekend, surpassing the $60,000 mark and climbing above $63,000 by Monday morning. Bluntz Capital, a crypto analyst, has utilized the Elliot Wave Theory to project the potential direction of BTC’s price following this recovery.
Significance of Bitcoin Price Surpassing $60,000
In a recent analysis, Bluntz Capital shared insights into Bitcoin’s potential future trajectory while the price was below $60,000. The analysis highlighted a bullish outlook contingent on sustained bullish momentum.
The analysis noted Bitcoin’s accumulation phase, crucial as accumulation typically precedes significant price rallies due to reduced supply availability. Emphasis was placed on Bitcoin’s ability to reclaim the $60,000 level as a pivotal indicator for potential new all-time highs.
Currently, Bitcoin has breached $60,000 and is holding above $62,000, aligning with the analyst’s forecast of an imminent push towards a new all-time high price.
BTC Price Projection Towards All-Time High
With Bitcoin surpassing the analyst’s identified level, speculation arises regarding its future price direction. The analyst anticipates a surge beyond $80,000 as part of a bullish momentum, potentially setting a new all-time high.
Achieving $80,000 would signify a significant milestone, reflecting a nearly 20% appreciation from the current all-time high of $73,000. This projected increase could materialize within the year, based on the chart’s outlined timeline.
The current Bitcoin price hovers around $62,700 after a minor dip from the $63,000 mark. Despite this dip, bullish sentiment remains robust, with support at $60,500 reinforcing the positive trajectory.
If the analyst’s projections hold true, the existing sideways movement may give way to a bullish resurgence in the near future.