Bitcoin has most likely bottomed out and is now primed for an uptick, in accordance with nameless crypto dealer self-proclaimed “bubblechaser” Bluntz.
In an Aug. 15 submit on X, the dealer — well-known for appropriately predicting the 2018 Bitcoin (BTC) backside — proclaimed that the cryptocurrency had accomplished an ABC correction, with its value most likely as a result of find yourself across the $68,000 degree.
An ABC correction is a basic idea in Elliott Wave idea, which is used to investigate market cycles and predict future value actions. The correction consists of three waves; wave A, which initiates the correction and strikes and strikes in opposition to the prevailing development.
The second a part of the correction, wave B, often retraces part of the primary wave, whereas shifting within the route of the unique development. Wave C continues the correction and sometimes extends past wave A.
The correction might assist market watchers determine potential reversal factors and continuation factors.
Apparently, one other crypto dealer, Michaël van de Poppe, advised that Bitcoin might plummet to as little as $48,000 if it’s present help degree at $56,000 crumbled.
Van de Poppe additionally highlighted the present crypto market cap of over $2 trillion, a rise of simply 0.8% from the earlier 24 hours, suggesting the market might nonetheless be correcting.
The analyst mentioned there was a chance the market might drop some extra within the subsequent one or two weeks, earlier than capturing again up.
Different analysts share related sentiments. Captain Faibik, one other pseudonymous dealer, postulated that Bitcoin might transfer to as excessive as $100,000 after it exits its present important part. The analyst acknowledged that the cryptocurrency had been consolidating inside a descending broadening wedge sample since early 2024.
To not be left behind, Blockstream CEO Adam Beck additionally shared his ideas with Coinstelegram’s Anna Tutova, saying Bitcoin was nonetheless at a nascent stage of an ongoing bull cycle.
In accordance with the Bitcoin veteran, the cryptocurrency might probably skyrocket by greater than 700% from its present place, with its fundamental drivers being the size of time buyers maintain their cash in addition to the efficiency of Bitcoin-based spot exchange-traded funds.
On the time of writing, Bitcoin was buying and selling just under the $60,000 degree, having made a slight 0.1% enchancment throughout 24 hours.
