Top Trader Predicts Bitcoin Surge to $100,000

A well-known crypto analyst, recognized for pinpointing market lows, now predicts that Bitcoin (BTC) is on track to exceed $100,000.

Bluntz, a top trader at Bybit, has shared that Bitcoin is undergoing a five-wave bullish pattern. According to Elliott Wave theory, this pattern typically involves three upward movements and two corrective phases.

current #btc weekly is an absolute monster and has been up only from last weeks lows.

i suspect a pullback comes from horizontal resistance around 71k after everyone sidelined has successfully fomo’ed back in.

markets are very efficient at doing that. pic.twitter.com/8bWqttLLUc

— Bluntz (@Bluntz_Capital) July 20, 2024

Bluntz observes that Bitcoin’s recent performance has been notably strong since the July 8 lows. He anticipates a potential pullback to around $71,000 before the price could rise significantly, possibly reaching up to $110,000.

This expected dip is seen as part of the normal pattern where investors rush in during market rallies, often driven by FOMO (fear of missing out).

Currently, Bitcoin is valued at $68,148, reflecting a slight daily increase of over 1%.