The cryptocurrency course still raises great emotions. A popular trader on the digital currency market and an analyst who uses Elliot wave theory in his analysis, Benjamin Blunts, says Bitcoin is currently preparing the ground for a strong upward movement in the chart. This is to happen in a short time.
Benjamin Blunts examines the BTC course
Benjamin Blunts today has 56,000 followers on Twitter. He is of the opinion that now BTC is preparing for the rally around USD 12,000.
“When BTC finally breaks out of this range, it will be explosive, I would say that [osiągniemy] 11 thousand within 3 weeks and probably 12 thousand within a month. “
– he thinks.
– 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) May 29, 2020
The analyst – like many in this market – predicts further Bitcoin price moves using Elliott wave theory. This technical analysis approach boils down to examining certain patterns that are in line with waves, which in turn show the repetitive behavior of market participants.
Watch out for declines!
Not to be so rosy, however, Benjamin Blunts warns his followers to watch out for a sharp downward move before Bitcoin hits the forecasted target. Therefore, it also takes into account the fact that before the price increases, there may also be so-called deforestation, i.e. frightening less mentally resistant and inexperienced players that BTC will fall lower.
Blunts previously used his Elliott Wave Analysis model to predict the bottom of the Bitcoin bear market in 2018. He told his observers back in June 2018 that Bitcoin would reach its lowest level of $ 3,200. Forecasts proved to be accurate, because BTC hit the target exactly on December 15.
Im calling a bottom at exactly 3.2k with a 200 dollar leeway either side.
Will retweet the shit outta this when it happens.
– 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) June 23, 2018
Will his forecasts be similarly accurate now? We will see, as it turns out, fairly quickly.
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