A widely followed cryptocurrency analyst believes that Bitcoin (BTC) is on the verge of rallying to a level last seen in December 2021.
The analyst pseudonymously known as Bluntz tells his 239,400 followers on the social media platform X that Bitcoin appears to be in the midst of a wave-three surge.
The analyst practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset tends to witness a five-wave move up with the third wave being the longest and strongest rally.
Bluntz shares a chart suggesting that BTC could end its major third wave once it hits $50,000 before correcting and rallying to $52,000.