A widely followed cryptocurrency analyst believes that Bitcoin (BTC) is on the verge of reaching new record highs.
Pseudonymous analyst Bluntz tells his 270,000 followers on social media platform X that he believes Bitcoin has begun a new five-wave rise that could push BTC to a new all-time high after breaking through resistance at $62,000.
The trader applies the Elliott Wave Theory, which states that a bullish asset often experiences a five-wave uptrend before a significant correction occurs.
Bluntz says:
“We have made the breakthrough and are quite confident that the run to an all-time high is now beginning.”
Based on the pseudonymous analyst’s chart, Bluntz appears to be suggesting that Bitcoin price could rise to $84,000 in a series of waves by mid-September.
At the time of writing, Bitcoin is trading at $63,888, up over 5% from the last day.
Looking at Solana (SOL) competitor Sei, the analyst believes that SEI is on the verge of a breakout against Bitcoin and the US dollar.
“I think SEI is on the verge of collapse.
SEI/BTC is showing a weekly bull div. SEI/USD is showing a clear five-wave rise from the lows and has already had a nice pullback AND strong 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 be predicting that the SEI will rise to as high as $0.40.
At the time of writing, SEI is trading at $0.338, up over 18% on the day.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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