Bitcoin experienced a significant recovery over the weekend, surpassing $60,000 and climbing above $63,000 by early Monday. In light of this positive momentum, crypto analyst Bluntz Capital applied the Elliot Wave Theory to forecast the potential trajectory of the BTC price following this recovery.
Significance of Bitcoin Price Surpassing $60,000
In a recent analysis, Bluntz Capital outlined potential future scenarios for the Bitcoin price, particularly emphasizing the importance of surpassing the $60,000 mark. The analysis, conducted when Bitcoin was below $60,000, painted a bullish picture for the cryptocurrency if buyers maintained control.
The analyst noted signs of accumulation in the Bitcoin price action, highlighting that price rallies often follow accumulation phases as a significant portion of the available supply gets removed from circulation.
Bluntz’s analysis focused on the pivotal aspect of Bitcoin surpassing $60,000, a level he believed would determine whether a new all-time high was on the horizon. According to him, clearing this level would trigger a new upward momentum for BTC.
As of now, Bitcoin has successfully exceeded $60,000, with support now established above $62,000. This development aligns with the analyst’s prediction and suggests that the Bitcoin price may be heading towards a new all-time high.
Potential for Bitcoin Price to Reach New All-Time High
With Bitcoin already surpassing the analyst’s identified threshold, there is growing confidence in the potential future price direction. This positive momentum could propel the Bitcoin price above $80,000, representing a significant surge and possibly leading to a new all-time high.
If this projection materializes, Bitcoin could see a nearly 20% increase from its current peak of $73,000. Despite a minor dip from $63,000 to around $62,700, the overall trend remains bullish with support holding above $60,500, indicating a positive trajectory.
If the analyst’s forecast holds true, the prevailing sideways movement may be short-lived, paving the way for an impending bullish surge.
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