A trader who nailed the lowest price of Bitcoin\u2019s (BTC<\/a>) 2018 bear market says the crypto king is preparing to take out this year\u2019s highs.<\/p>\n In a new video, pseudonymous analyst Bluntz tells<\/a> his 224,500 followers on the social media platform X that BTC is likely to witness more corrective moves before regaining its bullish momentum.<\/p>\n Bluntz uses the Elliott Wave theory in his analysis, a technical analysis approach attempting to predict future price action by following crowd psychology, which tends to manifest in waves. According to the theory, a five-wave rally is usually followed by an ABC pattern where the asset gives up some of its gains before starting a fresh move to the upside.<\/p>\n According to the crypto strategist, BTC has already completed a five-wave move to the upside from about $16,000 to $32,000 and is now in the midst of an ABC correction that will likely see Bitcoin drop all the way down to the $23,000 price level.<\/p>\n The analyst says that BTC is currently in the early stages of the C wave where he expects Bitcoin to go through a five-wave correction en route to its downside target.<\/p>\n Once the ABC correction is over, Bluntz says that he expects BTC to resume its uptrend.<\/p>\n \u201cOnce we see this final fifth wave and all of its sub-divisions within this final fifth wave complete, I think that\u2019s probably the point [where] we start basing out and finding a low and then moving up to new highs and taking out these $32,000 highs.\u00a0<\/em><\/p>\n Still a little bit of time left. It\u2019s probably going to take another month or so to unfold.\u201d<\/em><\/p>\n At time of writing, Bitcoin is worth $25,763.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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