Bitcoin Sees Paving Path Towards $60k

It has been just revealed that Bitcoin is following a trajectory towards $60k. Check out the latest price prediction and the price of the most important coin below.

According to a trader who accurately predicted Bitcoin’s 2018 bear market bottom, the cryptocurrency king is on its way to reaching $60,000.

The pseudonymous analyst, known as Bluntz, has a following of 229,700 on the social media platform X. Bluntz uses the Elliott Wave theory, a technical analysis method that attempts to predict future price action by analyzing crowd psychology in waves.

This theory suggests that a bullish asset will go through a five-wave uptrend, with the third wave representing the longest leg up. As per Bluntz, Bitcoin looks really bullish as it is currently in the midst of a wave three rally.

Says Bluntz,

“Yeah, I’m running with the extended wave three currently underway. Fairly sure Credible Crypto is as well.”

Based on the trader’s chart, it appears that BTC’s wave-three rally will end at $50,000, followed by a wave-four correction down to $42,500. The chart also predicts that Bitcoin will hit $60,000 for the fifth and final wave before September 2024.

Currently, at the time of writing, Bitcoin is trading at $37,787.

The crypto strategist, Bluntz, has updated his outlook on the smart contract platform Solana (SOL). According to him, Solana is likely to experience a steep rally after reaching a local bottom at around $55.

“Don’t squander your last shot before $80+ SOL.”

In other recent news, on-chain data has revealed that Coinbase, a leading US-based cryptocurrency exchange, is experiencing a surge in its Bitcoin (BTC) reserves.

In contrast, Binance, another popular exchange, is witnessing a sharp decline in its BTC holdings.

Blockchain tracker CryptoQuant’s data shows that Coinbase’s BTC reserves have increased by 12,000 BTC, which is approximately worth $450 million. Check out our previous article for more details.