Bitcoin

<div class="dailyhodl">
 <p>A widely followed crypto trader is warning that altcoins face a bearish outlook in the event that Bitcoin (BTC) reaches new local highs.</p>
 <p>Pseudonymous analyst Bluntz tells his 226,000 followers on the social media platform X that the reason altcoins have performed well is that Bitcoin has traded in a range over the last eight days.</p>
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 <p><i>“Make no mistake though, once BTC breaks out, it will suck the life back out of your altcoins.</i></p>
 <p><i>Time to shift focus back to king BTC in my opinion.”</i></p>
 <p>According to the analyst, who applies the Elliott Wave theory in his technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, Bitcoin is currently on the fourth wave before it breaks out. The Elliott Wave theory theorizes that the main trend of the price of an asset moves in a five-wave pattern.</p>
 <p>Based on Bluntz’s charts, Bitcoin now has one more leg to complete the bullish trend that commenced last month. Bitcoin could soar to as high as $42,000 and beyond in the fifth wave, per Bluntz.</p>
 <figure id="attachment_https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp688" aria-describedby="caption-attachment-https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp688" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp688 size-large" src="https://cdn.thebittimes.com/images/2023/11/02/1752ff5243bc5d1c817b352fa816dbc6.webp" alt="" width="1024" height="https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp" srcset="https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp 1975w, https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp?resize=300,https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp 300w, https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp?resize=768,https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp 768w, https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp?resize=1024,https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp 1024w, https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp?resize=1536,https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp 1536w, https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp?resize=750,https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp 750w, https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp?resize=1140,https://cdn.thebittimes.com/images/2023/11/02/47f95ca7b628a0a29397d06ab0e4603b.webp 1140w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption id="caption-attachment-https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp688" class="wp-caption-text">
   Source: Bluntz/X
  </figcaption>
 </figure>
 <p>Bluntz also says that going forward, Bitcoin is likely to rally in a manner similar to what it did in April 2019 and October 2020.</p>
 <p><i>“Never underestimate the power of a high timeframe weekly range breakout on BTC.”</i></p>
 <figure id="attachment_https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp693" aria-describedby="caption-attachment-https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp693" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp693 size-large" src="https://cdn.thebittimes.com/images/2023/11/02/2227d9e8d23ad11afc50c7867fbd2be2.webp" alt="" width="1024" height="https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp" srcset="https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp 1975w, https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp?resize=300,https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp 300w, https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp?resize=768,https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp 768w, https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp?resize=1024,https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp 1024w, https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp?resize=1536,https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp 1536w, https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp?resize=750,https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp 750w, https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp?resize=1140,https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp 1140w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption id="caption-attachment-https://cdn.thebittimes.com/images/2023/11/02/d11ea1e3751944b06fa723f86a5d16fe.webp693" class="wp-caption-text">
   Source: Bluntz/X
  </figcaption>
 </figure>
 <p>After breaking out of a weekly range in April 2019, BTC surged by around 160% until June of that year when the short-term rally ended. From October 2020 when Bitcoin broke out of a weekly range, BTC soared by around 400% to hit the then all-time high of around $65,000 in April of 2021.</p>
 <p>Bitcoin is trading at $34,441 at time of writing.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-analyst-says-a-bitcoin-breakout-could-suck-the-life-out-of-altcoins-here-are-his-targets-for-btc-tbt68759.html">https://thebittimes.com/top-analyst-says-a-bitcoin-breakout-could-suck-the-life-out-of-altcoins-here-are-his-targets-for-btc-tbt68759.html</a></p>

Top Analyst Says a Bitcoin Breakout Could ‘Suck the Life’ out of Altcoins – Here Are His Targets for BTC

TheBitTimes

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