A trader who accurately called Bitcoin’s (BTC) 2018 bear market bottom believes that the crypto king is set for a Santa Claus rally.
Pseudonymous analyst Bluntz tells his 230,400 followers on the social media platform X that Bitcoin spent about 38 days consolidating below $40,000 from late October to the end of November.
According to the crypto strategist, the consolidation period has allowed Bitcoin to build a base for a strong rally this month.
“We just had a very nice and healthy month-long vertical accumulation on BTC, these sideways corrections build steam for the next leg up which I believe will take us up to $46,000+ minimum.
Enjoy the Santa rally, ho ho ho.”
Although Bluntz is eyeing $46,000 as his minimum upside target this month, he says that Bitcoin will likely not stop there. The crypto strategist believes that Bitcoin is in the midst of a parabolic surge that can take it to as high as $65,000 in Q1 of 2024.
“BTC well and truly going parabolic now.
Has all the characteristics of a wave three underway.
Enjoy the ride and for the love of god don’t overtrade.”
Bluntz practices the Elliott Wave theory, a technical analysis method that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through five waves, with wave three being the strongest and longest move up.
At time of writing, Bitcoin is trading for $44,048, up nearly 5% in the past 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 loses 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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The post Top Trader Says Santa Claus Rally in Play for Bitcoin Following Vertical Accumulation – Here’s His Upside Target appeared first on The Daily Hodl.
