A widely followed cryptocurrency analyst believes Bitcoin (BTC) is on the verge of rallying to fresh record highs.
Pseudonymous analyst Bluntz tells his 270,000 followers on the social media platform X that he thinks Bitcoin has started a fresh five-wave surge that could propel BTC to a new all-time high after taking out resistance at $62,000.
The trader practices the Elliott Wave theory, which states that a bullish asset often witnesses a five-wave upside move before a significant correction.
Says Bluntz,
“We got the breakout, pretty confident this is the all-time high run starting now.”
Based on the pseudonymous analyst’s chart, it appears that Bluntz is suggesting that Bitcoin could go up to a price of $84,000 in a series of waves by mid-September.
At time of writing, Bitcoin is trading for $63,888, up over 5% in the past day.
Looking at Solana (SOL) competitor Sei, the analyst believes SEI is about to erupt against Bitcoin and the US dollar.
“I think SEI is about to rip.
SEI/BTC pair has a weekly bull div. SEI/USD pair has a clear five-wave rise from the lows and already had a nice pullback AND heavy negative funding.”
A bullish divergence occurs when the price of an asset forms lower lows while printing higher lows on a momentum oscillator such as the relative strength index (RSI). Based on the trader’s chart, he seems to predict that SEI will rally close to $0.40.
SEI is trading at $0.338 at time of writing, up over 18% on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency 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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