The pseudonymous analyst Bluntz is currently extremely bullish about Bitcoin, describing the weekly chart as an “absolute monster” at this moment. Based on the Elliott Wave Theory, the analyst predicts rapid new all-time highs for Bitcoin.
An Absolute Monster
“The latest weekly chart of Bitcoin is an absolute monster and has only continued to rise from the lows of July 8.
I expect a pullback around the horizontal resistance at $71,000, after everyone on the sidelines jumps back into the market. Markets are very efficient at punishing emotional trading behavior,” says Bluntz.
Based on his chart, Bluntz seems to be predicting a Bitcoin price of over $110,000 by 2025. He bases this on the Elliott Wave Theory, an approach from technical analysis that is based on crowd psychology.
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Currently, Bitcoin is facing some resistance at $67,260, but Bluntz remains optimistic about the coming weeks.
Not Only Bullish on Bitcoin
Bluntz is not only bullish on Bitcoin. He is also optimistic about the Solana-based memecoin POPCAT. He expects the coin to rise after the previous all-time high of $0.73 turned into a support level on the chart.
At the time of writing, POPCAT is trading at $0.8957, and the project has a market cap of $877 million, making it one of the larger memecoins in the market.
However, be aware that memecoins generally have no fundamental value. They are purely for speculation, often resulting in a rollercoaster of price action.
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Currently, POPCAT is experiencing a strong period, but that can change suddenly. In the world of memecoins, there are simply no guarantees.