A top-ranked analyst on cryptocurrency exchange Bybit, known as a "Master Trader," believes Bitcoin (BTC) is poised to reach new highs.
Anonymous trader Bluntz shared insights with his 321,100 followers on X (formerly Twitter), stating that Bitcoin has completed an ABC correction after briefly dipping below $100,000 over the weekend.
Bitcoin's ABC Correction and Elliott Wave Theory
Bluntz applies Elliott Wave Theory, which suggests bullish assets often rebound after completing an ABC pullback.
Key Observation:
_"BTC here looks like a clean ABC, bouncing off the lower channel and reclaiming the breakdown range.
Pushing it toward all-time highs."_
At the time of writing, Bitcoin trades at $106,111.
Ethereum's Potential Reversal Against Bitcoin
The analyst also highlights Ethereum (ETH), noting its ETH/BTC pair may have bottomed after completing a similar ABC pattern.
Key Prediction:
"I think ETH/BTC may have put in a bottom."
Current ETH/BTC value: 0.02308 BTC ($2,451).
Dogwifhat (WIF): A Solana Memecoin Ready to Rally
Bluntz identifies Solana-based memecoin dogwifhat (WIF) as another asset completing its ABC correction. He anticipates a five-wave rally ahead, per Elliott Wave Theory’s structure:
- Impulse Waves: Three upward movements (waves 1, 3, and 5).
- Corrective Waves: Two pullbacks (waves 2 and 4).
Key Insight:
"Still lots to prove and price action to confirm, but I think WIF could very well have already started its way back up to all-time highs."
Current WIF price: $0.875.
FAQ Section
Q: What is an ABC correction in trading?
A: An ABC correction is a three-wave price pattern (down-up-down) signaling a temporary pullback before a potential continuation of the trend.
Q: Why is ETH/BTC performance significant?
A: The ETH/BTC ratio measures Ethereum’s strength relative to Bitcoin. A low ratio may indicate a buying opportunity for ETH.
Q: How does Elliott Wave Theory apply to memecoins like WIF?
A: The theory analyzes recurring market cycles, suggesting even volatile assets like memecoins can follow predictable wave structures.
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