A widely followed cryptocurrency analyst and trader believes that Bitcoin (BTC) still possesses more upside potential.
The analyst pseudonymously known as Bluntz tells his 264,700 followers on the social media platform X that the Bitcoin cycle is “not over yet.”
According to Bluntz, the Bitcoin bullish cycle could “last into early 2025.”
Based on the pseudonymous trader’s chart, it appears that Bluntz, who regularly employs the Elliott Wave theory in his technical analysis, is suggesting that Bitcoin recently completed the fourth wave of a five-wave pattern on the weekly time frame.
The analyst’s chart further suggests that Bitcoin could complete the fifth wave of a pattern that started in late 2022 at a price of just under $100,000. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Bitcoin is trading at $58,665 at time of writing.
The pseudonymous analyst also says that Bitcoin is flashing a bullish divergence signal on the daily time frame. A bullish divergence typically occurs when the price of an asset is trending downwards while an oscillator indicator such as the Relative Strength Index (RSI) is trending upwards. Bullish divergences are usually reversal signals from a down-trending market to an up-trending one.
“Surprised I haven’t seen many people talking about the BTC daily bull divergence. Confidence really got shattered huh.”
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