Despite recent declines, analyst Bluntz remains bullish on Bitcoin, forecasting the bull cycle to extend until early 2025 using Elliott Wave Theory.
Discover the detailed predictions and what to expect for BTC in the coming months.
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BTC Bull Market May Continue Until Early 2025?
Despite Bitcoin (BTC) prices declining since around June 7, 2024, there are concerns in the cryptocurrency industry about the end of the bull market.
However, analyst Bluntz (@Bluntz_Capital), who has over 260,000 followers on X, believes that “the BTC bull cycle is not over yet.”
Bluntz uses the Elliott Wave Theory, which suggests that a cycle consists of “five upward waves and three downward waves,” to predict Bitcoin prices.
According to this theory, Bluntz predicts that “the Bitcoin bull cycle will continue until early 2025.”
Bitcoin in the Final Stage of the Five-Wave Rise?
The image posted by Bluntz applies the five upward waves of the Elliott Wave Theory to the current Bitcoin trend.
Elliott Waves are composed of eight waves in total: “five impulse waves (up-down-up-down-up) in an upward trend” and “three corrective waves (down-up-down) in a downward trend.”
The current image indicates that Bitcoin is in the stage of completing the fourth wave of the five impulse waves. It is predicted that the fifth wave, lasting 24 weeks (168 days), will commence soon.
The fifth wave is an upward phase following the downward fourth wave. If this prediction holds true, Bitcoin will begin a significant rise, reaching new all-time highs before entering a corrective phase.
In response to a comment asking if the cycle’s peak would be in early 2025 followed by another 18 months of a bear market, Bluntz responded with “YES.”
Possible Short-Term Decline
While Bluntz maintains a bullish long-term outlook for Bitcoin, he also predicts a potential short-term decline. This is due to Bitcoin’s recent fall back into its range after a brief rise, which Bluntz explains is “not a good sign.”
Despite the overall market downturn, many believe that the long-term recovery will lead to new all-time highs.
Price predictions based on the Elliott Wave Theory are also being discussed for cryptocurrencies other than BTC.
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