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<p class="is-style-lead">Bitcoin has probably bottomed out and is now primed for an uptick, according to anonymous crypto trader self-proclaimed “bubblechaser” Bluntz. </p> 
<p>In an Aug. 15 post on X, the trader — famous for correctly <a href="https://x.com/Bluntz_Capital/status/1010373172611313664" target="_blank" rel="">predicting</a> the 2018 Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) bottom — proclaimed that the cryptocurrency had completed an ABC correction, with its price probably due to end up around the $68,000 level.</p> 
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   <p lang="en" dir="ltr">clear 3 wave move down on <a href="https://twitter.com/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$btc</a> so far, this ends up being a higher low imo.<br><br>time to bid your favourite coins. <a href="https://t.co/PvgrjiQwNe" target="_blank" rel="">pic.twitter.com/PvgrjiQwNe</a></p>— Bluntz (@Bluntz_Capital) <a href="https://twitter.com/Bluntz_Capital/status/1824192193818661085?ref_src=twsrc%5Etfw" target="_blank" rel="">August 15, 2024</a>
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<p>An ABC correction is a fundamental concept in Elliott Wave theory, which is used to analyze market cycles and predict future price movements. The correction consists of three waves; wave A, which initiates the correction and moves and moves against the prevailing trend.&nbsp;</p> 
<p>The second part of the correction, wave B, usually retraces a part of the first wave, while moving in the direction of the original trend. Wave C continues the correction and often extends beyond wave A. </p> 
<p>The correction could help market watchers identify potential reversal points and continuation points.</p> 
<p> You might also like: <a href="https://crypto.news/banana-gun-token-ignores-crypto-sell-off-spikes-110/"> Banana Gun token ignores the crypto sell-off, spikes 110% </a> </p> 
<p>Interestingly, another crypto trader, Michaël van de Poppe, suggested that <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> could plummet to as low as $48,000 if it’s current support level at $56,000 crumbled.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Bitcoin</a> is having a casual price correction on a Thursday evening.<br><br>Holding a crucial level of support, losing $56K and we will likely see new lows or a retest at $48K. <a href="https://t.co/UZqGUMp343" target="_blank" rel="">pic.twitter.com/UZqGUMp343</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1824355978826969371?ref_src=twsrc%5Etfw" target="_blank" rel="">August 16, 2024</a>
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<p>Van de Poppe also highlighted the current crypto market cap of over $2 trillion, an increase of just 0.8% from the previous 24 hours, suggesting the market could still be correcting. </p> 
<p>The analyst said there was a possibility the market could drop some more in the next one or two weeks, before shooting back up.</p> 
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   <p lang="en" dir="ltr">The total <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#crypto</a> market capitalization has still seen the low of this correction.<br><br>Expecting 1-2 weeks of pain before we're going to be surging back upwards. <a href="https://t.co/ZJXyEKw5bh" target="_blank" rel="">pic.twitter.com/ZJXyEKw5bh</a></p>— Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1824778207461310749?ref_src=twsrc%5Etfw" target="_blank" rel="">August 17, 2024</a>
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<p>Other analysts share similar sentiments. Captain Faibik, another pseudonymous trader, <a href="https://www.tradingview.com/chart/BTCUSDT/iitV4wJN-Bitcoin-Descending-Broadening-Wedge-Consolidation-Continues/" target="_blank" rel="">postulated</a> that Bitcoin could move to as high as $100,000 after it exits its current critical phase. The analyst stated that the cryptocurrency had been consolidating inside a descending broadening wedge pattern since early 2024.&nbsp;</p> 
<p>Not to be left behind, Blockstream CEO Adam Beck also shared his thoughts with Coinstelegram’s Anna Tutova, saying Bitcoin was still at a nascent stage of an ongoing bull cycle.&nbsp;</p> 
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<p>According to the Bitcoin veteran, the cryptocurrency could potentially skyrocket by more than 700% from its current position, with its main drivers being the length of time investors hold their coins as well as the performance of Bitcoin-based spot <a href="https://crypto.news/tag/etf/" target="_blank" rel="noreferrer noopener">exchange-traded funds</a>.</p> 
<p>At the time of writing, Bitcoin was trading just below the $60,000 level, having made a slight 0.1% improvement across 24 hours.&nbsp;</p> 
<p> Read more: <a href="https://crypto.news/spot-bitcoin-etf-inflows-223-crypto-market-corrects/"> Spot Bitcoin ETF inflows jump 223% as crypto market corrects </a> </p>

Bitcoin hits bottom, expect a spike to $68k level: analyst

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