Bitcoin Structure Is Extremely Bullish – New Rally Ahead

It looks like the optimistic predicitons about Bitcoin are here to stay. Check out the latest one, which claims that there will be a massive rally ahead!

According to a popular cryptocurrency analyst, Bitcoin (BTC) is displaying bullish signs and is expected to experience a parabolic rally soon.

In a recent strategy session, a crypto trader who goes by the name Bluntz predicts that the slight pullback that Bitcoin experienced overnight will be the lowest point as its price will continue to surge.

“I would not be surprised to think that maybe [the dip] was the low on Bitcoin, and it was a shallow one [so] we potentially [can] move higher.”

The crypto strategist goes on to say that the top crypto asset by market cap’s structure indicates its next move will be a huge leg up.

“If you were to be looking to long Bitcoin, I think you’d probably want to have a decent stop, maybe down here at like $33,500, but I think this next leg up – I think Bitcoin is still very, very, very much impulsive.”

According to Bluntz, who uses the Elliott Wave Theory, a five-wave form of financial analysis that examines extremes in investor psychology and price to forecast market trends, BTC is predicted to experience a parabolic rise.

This could see it reaching up to $50,000. Bluntz believes that the bullish structure of Bitcoin is still in place, and there is the potential for the currency to go much higher.

There is a possibility that one of the waves will extend far higher than expected, as has happened in the past with Bitcoin.

Bluntz is still bullish about Bitcoin and does not see any signs of a top; rather, he believes that it has probably bottomed out. Therefore, he thinks that the recent dip in price is a gift for investors.