A popular crypto trader and analyst says Bitcoin lays the groundwork for a strong uptrend in a short period of time..
Benjamin Blunts told his nearly 56,000 followers on Twitter that BTC was preparing for a rally of up to $ 12,000.
“When BTC finally gets out of this range, it will become ‘explosive’ – I would say $ 11,000 in 3 weeks and probably $ 12,000 in a month.”
The crypto analyzer predicts the price action of Bitcoin using the pulse wave model. This approach to technical analysis examines reliable wave patterns that show the repetitive behavior of market participants. According to Elliott’s wave principle, triangle ABCDE shows consolidation in an upward market. Once this model is complete, BTC is likely to cause a strong rally.
But Benjamin Blunts warns his followers to watch out for a sharp downward move before Bitcoin hits the target.
“Yes, I’m careful about something like that. As we say in 2019: a breakthrough and then an earthquake, but then I thought about how often does lightning strike twice in one place?
Blunts used his wave analysis skills to forecast the bottom of the Bitcoin market for 2018. The tech trader told his followers in June 2018 that Bitcoin would find the bottom at $ 3,200. The forecast turned out to be correct when BTC hit the target on December 15.