A widely followed cryptocurrency analyst believes Bitcoin (BTC) is on the verge of hitting new record highs.
Pseudonymous analyst Bluntz tells his 270,000 followers on social media platform X that he believes Bitcoin has started a new five-wave rally that could propel BTC to a new all-time high after breaking above resistance at $62,000.
The trader practices Elliott Wave Theory, which states that a bullish asset often experiences a five-wave upward move before a significant correction.
Bluntz says:
“We have managed to get out of this impasse and we are quite confident that we will reach the historic peak that begins now.”
Based on the pseudonymous analyst’s chart, it appears that Bluntz is suggesting that Bitcoin could hit a price of $84,000 in a series of waves by mid-September.
At the time of writing, Bitcoin is trading at $63,888, up more than 5% from the previous day.
Looking at Solana (SOL) competitor Sei, the analyst believes SEI is poised to explode against Bitcoin and the US Dollar.
“I think SEI is about to tear itself apart.
SEI/BTC has a weekly bullish split. SEI/USD has a clear five-wave uptick from the lows and has already seen a nice pullback AND significant negative funding.
A bullish divergence occurs when an asset’s price forms lower lows while posting higher lows on a momentum oscillator such as the Relative Strength Index (RSI). Based on the trader’s chart, he appears to be predicting that the SEI will rebound to near $0.40.
SEI is trading at $0.338 at the time of writing, up over 18% on the day.
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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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