An analyst who has earned the “Master Trader” rank on the crypto exchange Bybit believes that Bitcoin (BTC) is now poised for a surge to new record-high levels.
Pseudonymous trader Bluntz tells his 321,100 followers on the social media platform X that Bitcoin completed an ABC correction after its brief dip below $100,000 over the weekend.
Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to witness new rallies after concluding an ABC pullback.
Says the trader,
“BTC looking like a nice ABC here, bounced lower channel and reclaimed breakdown range.
Send it to all-time high.”
At time of writing, Bitcoin is trading for $106,111.
Turning to Ethereum, the trader thinks that the altcoin has printed a low against Bitcoin (ETH/BTC) after also completing an ABC correction.
“ETH/BTC has probably bottomed here, in my opinion.”
At time of writing, ETH/BTC is trading for 0.02308 BTC ($2,451).
As for the Solana (SOL)-based memecoin dogwifhat, Bluntz believes that WIF has completed an ABC correction as well and is now primed to ignite a five-wave surge.
According to Elliott Wave principles, a five-wave rally is made up of three upside moves – waves one, three and five – and two corrective periods in waves two and four.
“Still a lot of work to put in and need to see price action confirm, but I think there’s a very real chance a new impulse back to all-time high on WIF has commenced.”
At time of writing, WIF is worth $0.875.
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