A popular cryptocurrency analyst who gained a large following on social media after accurately calling Bitcoin\u2019s 2018 bear market bottom above $3,000 has recently suggested the leading cryptocurrency is getting ready to surge above the $30,000 mark.<\/p>\n
In a newly published video shared on the microblogging platform X (formerly Twitter) with over 220,000 followers, the pseudonymous analyst who goes by \u201cBluntz\u201d said BTC may undergo additional price corrections ahead of its bullish move upward.<\/p>\n
Bluntz\u2019s price predictions use \u00a0Elliott Wave\u00a0theory, which according to Investopedia was developed by Ralph Nelson Elliott in the 1920s after he observed and identified \u201crecurring, fractal wave patterns.\u201d<\/p>\n
These fractal wave patterns are based on the psychology of the masses. The Elliott Wave theory is usually interpreted based on five waves moving in the direction of a main market trend, which can be bullish or bearish, and by three corrective waves. The repetition of these patterns, theory suggests, allows the movements of asset prices to be predicted.<\/p>\n
The theory is said to have gained notoriety when Elliott himself predicted the stock market bottom in 1935 after a 13-month correction. In his prediction, Bluntz detailed that Bitcoin has recently risen from a $16,000 bottom to $32,000 in a five-wave move, and is now seeing an ABC retracement that could see it drop to $23,000.<\/p>\n
Citing his analysis, Bluntz elaborated that Bitcoin is in the preliminary phase of the C wave. During this juncture, he foresees a quintet of corrections that should steer the asset towards its projected target. After the correction, he expects BTC to regain upward momentum.<\/p>\n
Once we see this final fifth wave and all of its sub-divisions within this final fifth wave complete, I think that\u2019s probably the point we start basing out and finding a low and then moving up to new highs and taking out these $32,000 highs.\u00a0<\/p>\n
Per the analyst, his prediction could take \u201ca month of two\u201d to start unfolding. Bitcoin is at the time of writing trading at around $25,7000 after losing 6% of its value over the past week. The cryptocurrency surged late last month after Grayscale scored a legal victory against the U.S. Securities and Exchange Commission (SEC), but its price quickly corrected.<\/p>\n