Over the weekend, the price of Bitcoin experienced a significant recovery, surpassing $60,000 and reaching above $63,000 by Monday morning. This positive trend prompted crypto analyst Bluntz Capital to utilize the Elliot Wave Theory to forecast the potential direction of Bitcoin’s price following this recovery.
Bluntz Capital’s analysis, conducted when Bitcoin was still below $60,000, outlined a bullish trajectory for the cryptocurrency’s price if the bulls maintained control. The analyst noted signs of accumulation in the Bitcoin price action, indicating that a rally could be on the horizon as a large portion of the available supply was being removed from circulation.
The focal point of Bluntz’s analysis was Bitcoin’s ability to reclaim the $60,000 level, which he believed would determine whether the price was on track to reach a new all-time high. If Bitcoin successfully surpassed $60,000, Bluntz predicted that a new upward trend could commence, propelling the price to new heights.
With Bitcoin now surpassing $60,000 and establishing support above $62,000, the analyst’s forecast appears to be unfolding, suggesting that Bitcoin’s price may be on the path towards a new all-time high.
Looking ahead, the analyst anticipates that Bitcoin’s price could exceed $80,000 as part of this new impulse, potentially reaching a brand-new all-time high. This surge to $80,000 could materialize later this year, presenting a nearly 20% increase from the current all-time high of $73,000.
Currently, Bitcoin’s price remains above $62,700 after a slight dip from $63,000, with bulls maintaining control and the price holding above the $60,500 support level. The analyst suggests that the current sideways movement may be short-lived, with a bullish impulse likely to drive the price higher in the near future.
In conclusion, the recent recovery in Bitcoin’s price above $60,000 has sparked optimism among analysts like Bluntz Capital, who foresee the potential for Bitcoin to reach new all-time highs in the coming months. As the cryptocurrency market continues to evolve, investors and enthusiasts are closely monitoring Bitcoin’s price movements and anticipating further developments in the crypto space.
