A widely followed analyst who had earlier in the year warned of a crypto market pullback now says Bitcoin (BTC) could undergo a correction before rising higher to a new all-time high.
The analyst pseudonymously known as Bluntz tells his 327,300 followers on the social media platform X that he “wouldn’t be surprised” to see Bitcoin plunge substantially before resuming an uptrend.
-->Based on the pseudonymous analyst’s chart on the daily time frame, it appears he’s suggesting that Bitcoin has completed the third wave of a five-wave Elliott Wave pattern inside a rising wedge pattern. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
From the chart, it appears the pseudonymous analyst sees Bitcoin falling to around $110,000 before appreciating to around $135,000 to complete the fifth wave.
Source: Bluntz/XBitcoin is trading at $120,437 at time of writing.
Next up is Fartcoin (FARTCOIN), a memecoin built in the Solana (SOL) ecosystem. The pseudonymous analyst says Fartcoin has reached a “major bottom” on the daily time frame after completing a correction in a three-wave pattern on both its US dollar and Bitcoin pair.
“Expecting a 140+ move from here, one of the better setups with phenomenal risk-reward ratio I have seen in a long time.”
Source: Bluntz/XFartcoin is trading at $1.10 at time of writing, up by around 30 over the past 24 hours.
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