Bitcoin Rally To Surpass $32k, With A Catch

The person who accurately predicted the lowest price of Bitcoin during the 2018 bear market is certain that the cryptocurrency will surpass this year’s highest price. In a recent video that he shared with his 224,500 followers on X, a social media platform, analyst Bluntz states that BTC may undergo some corrective movements before regaining its bullish momentum.

Bluntz employs the Elliott Wave theory, a technical approach that uses crowd psychology to predict future price movements, which typically come in waves.

The theory suggests that a five-wave rally is frequently followed by an ABC pattern, in which the asset loses some of its gains before starting a new upward trend.

As per a crypto strategist, Bitcoin (BTC) has undergone a five-wave surge to reach $32,000 from $16,000, followed by an ABC correction.

The correction may lead to a significant drop in Bitcoin’s value to around $23,000.

The analyst predicts that Bitcoin is presently in the early stages of the C wave, which will result in a five-wave correction and meet the downside target. Once the correction is over, BTC will resume its uptrend and reach new highs.

The strategist expects this to occur after the final fifth wave and its subdivisions are complete, and a new low is found. It may take an additional month for this to happen. At the moment, BTC is valued at $25,763.

Renowned macro expert Lyn Alden predicts that Bitcoin (BTC) will gradually become a larger proportion of global wealth.

During an interview with Peter McCormack, Alden stated that individuals will likely desire a greater percentage of their liquid net worth in a “self-custodial, globally portable” digital asset.

Alden emphasized that the current percentage of liquid net worth invested in Bitcoin is a tiny fraction of 1%, and she believes that a reasonable percentage could be much higher, perhaps even 5% or 10%.