Bitcoin

when

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-for-significant-price-increase/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential for Significant Price Increase</a> 
Bluntz, a well-known and closely followed cryptocurrency analyst, recently presented an optimistic outlook for <a href="https://en.coin-turk.com/grayscale-bitcoin-trust-officially-launches-as-a-spot-bitcoin-etf/" data-wpel-link="internal">Bitcoin</a> (BTC), stating that the largest cryptocurrency still has significant upward potential. The analyst shared details of his optimistic view by providing a date and price target. 
<h2 style="text-align: justify" id="strong-current-cycle-could-take-price-to-around-100-000-strong">Current Cycle Could Take Price to Around $100,000</h2> 
Sharing his observations on his X account, Bluntz believes the current Bitcoin cycle is “not over yet” and could extend until early 2025. Bluntz’s analysis is based on the Elliott Wave theory, a form of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a> used to predict market trends by identifying recurring wave patterns. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-369647" src="https://coin-turk.com/wp-content/uploads/2024/07/Bitcoin-BTC-1.jpeg" alt="" width="777" height="1151"> 
According to the current price chart, Bitcoin has just completed the fourth wave of a five-wave formation on the weekly timeframe. In Elliott Wave theory, the main trend of an asset’s price movement is typically represented by five waves, while corrections occur in three waves. 
The chart shared by the analyst shows that the fifth wave of this current formation, which began at the end of 2022, could see Bitcoin’s price reach just below $100,000. This projection represents a significant increase from the current trading price of $58,665. The completion of the fifth wave will mark an important milestone in Bitcoin’s upward cycle and reconfirm the cryptocurrency’s upward momentum. 
<h2 style="text-align: justify" id="strong-bitcoin-signals-bullish-divergence-strong">“Bitcoin Signals Bullish Divergence”</h2> 
Moreover, Bluntz noted that Bitcoin is signaling a bullish divergence on the daily timeframe. A bullish divergence occurs when an oscillator indicator, such as the Relative Strength Index (RSI), trends upwards while the price of an asset trends downwards. This divergence is typically interpreted as a signal that the asset’s price could reverse from a downtrend to an uptrend. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-369649" src="https://coin-turk.com/wp-content/uploads/2024/07/Bitcoin-Sapma.jpeg" alt="" width="1116" height="1191"> 
Bluntz expressed surprise that more analysts are not discussing this bullish divergence, highlighting that market confidence may have been shaken by recent price fluctuations. The analyst believes this signal indicates an upcoming positive trend reversal in Bitcoin’s price movement. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-bitcoins-potential-for-significant-price-increase/" data-wpel-link="internal">Analyst Predicts Bitcoin’s Potential for Significant Price Increase</a></h5>

Analyst Predicts Bitcoin’s Potential for Significant Price Increase

Table of Contents

COINTURK NEWS

Άλλα άρθρα που δημοσιεύτηκαν στις 11 Ιουλ 2024

Investors Monitor Token Unlock Events

Germany Bitcoin Selloffs: Gov’t Prepares for $276M BTC Liquidation – Market Shock or Opportunity?

Michael Saylor Issues “Bitcoin Power” Statement Amid BTC Price Uncertainty

All In’ Crypto Picks to Reach Extreme Profits This Cycle

BlockDAG’s Grand Reveal Ready to Set Off 40% Price Boom Amidst Filecoin Woes and Dogwifhat Downturn

July 2024’s Crypto Projects with the Highest Growth

Join our free newsletter for daily crypto updates!