Bluntz suggests Bitcoin is in the final phase of a five-wave rally per Elliott Wave theory, with a strong weekly close signaling a potential surge to new highs.
According to the Elliott Wave theory, Bluntz recently proposed that Bitcoin is currently in the final phase of a five-wave rally.
This theory posits that a bullish asset experiences five phases: two corrective waves and three upward waves (impulsive).
A significant rally to new highs may be in progress, as Bluntz emphasized the recent robust weekly close of Bitcoin.
The corrective phases’ durations (waves two and four) are closely aligned, which he regards as a positive indicator.
Bluntz anticipates that Bitcoin may reach a price of $85,000 to $100,000 during this final wave, with the possibility of an extended rally bringing the price to $115,000. This prediction is based on his analysis.
