An anonymous cryptocurrency trader who calls himself “bubble hunter” Blontz says that Bitcoin may have bottomed out and is now poised to rise.
In an August 15 post on X, the trader — who is known for his straight talk — said: Prediction A Bitcoin (BTC) analyst has declared that the cryptocurrency has completed an ABC correction, with its price likely to end at $68,000.
ABC correction is a fundamental concept in Elliott Wave Theory, which is used to analyze market cycles and predict future price movements. The correction consists of three waves; wave A, which starts the correction and moves continuously against the prevailing trend.
The second part of the correction, wave B, usually retracees part of the first wave, moving in the direction of the original trend. Wave C continues the correction and often extends beyond wave A.
Correction may help market watchers identify potential reversal and continuation points.
Interestingly, another crypto trader, Michael van de Poppe, suggested that Bitcoin could drop to $48,000 if its current support level at $56,000 breaks down.
Van de Poppe also highlighted the current crypto market cap of over $2 trillion, an increase of just 0.8% over the previous 24 hours, suggesting that the market could still correct.
The analyst said there was a possibility that the market would decline further over the next week or two, before rising again.
Other analysts share similar sentiments. Captain Vibek, another trader who uses a pseudonym, supposed Bitcoin could surge to $100,000 after emerging from its current critical phase, analysts said. The analyst noted that the cryptocurrency has been consolidating inside a widening falling wedge pattern since early 2024.
Not to be left behind, Blockstream CEO Adam Beck also shared his thoughts with Coinstelegram’s Anna Totova, saying that Bitcoin is still in the early stages of an ongoing bull cycle.
According to the Bitcoin warrior, the cryptocurrency could rise by more than 700% from its current position, with the main drivers being how long investors hold their coins as well as the performance of Bitcoin-based spot exchange-traded funds.
At the time of writing, Bitcoin is trading just under $60,000, having seen a slight improvement of 0.1% over the course of 24 hours.
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