Bitcoin Bulls Prepare for Santa Claus Rally with Vertical Accumulation, Top Trader Sets Positive Target
Pseudonymous analyst Bluntz, renowned for accurately predicting Bitcoin’s 2018 bear market bottom, anticipates a Santa Claus rally for the cryptocurrency.
With Bitcoin consolidating below $40,000 for approximately 38 days from late October to the end of November, Bluntz asserts that this period of sideways correction has laid the foundation for a robust rally in December. Setting a minimum upside target of $46,000 for the month, Bluntz envisions a Santa rally in progress. However, he suggests that this might be just the beginning, foreseeing a parabolic surge that could propel Bitcoin to as high as $65,000 in Q1 of 2024.
Implementing the Elliott Wave theory, Bluntz identifies Bitcoin’s current movement as characteristic of a powerful wave three, known for being the strongest and longest upward move in the theory’s framework. As of now, Bitcoin is trading at $44,048, reflecting a nearly 5% increase in the past day.
Clever Robot News Desk 7th December 2023
