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Bitcoin, after reaching a new all-time high (ATH) multiple times in March, experienced several corrections in April due to various factors. Bluntz Capital predicts that within the next 1-2 weeks, Bitcoin's price may surpass its current ATH and could reach as high as $120,000 by the end of the year. The recent declines were deemed necessary to prevent market overheating and premature bull market endings.
Bitcoin's Next Bull Run Imminent
Bluntz suggests that Bitcoin will break out of its recent price range of $60,000 to $70,000 and set a new price record. According to Elliott wave theory, Bitcoin's price could soar to $80,000 within 1-2 weeks, with the ultimate target of hitting $120,000 by the end of the current cycle.
$82,000: Bitcoin's Next Target
Bluntz previously outlined a "maximum pain scenario" for Bitcoin's price, indicating that after dropping below $70,000, investors would start buying, pushing the price above $70,000 and potentially triggering a triangle breakout. The analyst suggests a possible rebound up to $82,000 after hitting a lower boundary around $64,000. Despite recent declines in Bitcoin's price due to macroeconomic factors, the rebound on the price chart could be even stronger. Currently, Bitcoin is priced at $66,061.
In summary, Bitcoin's recent corrections were viewed as necessary for market health, and Bluntz Capital forecasts a bullish trend in the coming weeks, potentially leading to a new ATH and eventual peak of $120,000 by year-end. The analyst's insights are based on technical analysis, particularly Elliott wave theory, which suggests a potential price surge to $80,000 in the short term. Despite recent fluctuations, the overall sentiment remains optimistic, with expectations of a robust rebound and further upward movement in Bitcoin's price trajectory.
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