The Bitcoin price continued its noticeable decline today and fell below the $63,000 level again. Although the decline experienced by BTC, which reached $65,000 the other day, raises questions, the optimistic mood of market participants seems to be intact.
Analyst’s Comment on Bitcoin
A crypto analyst known for predicting market bottoms has commented that Bitcoin (BTC) is set to experience a major rally and visit record highs. Sharing a new view, the analyst Bluntz, In his statements on X, he shared that the last leg of Bitcoin’s five-wave rise, which he has mentioned many times in the past, is currently ongoing. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Bluntz operates on the Elliott Wave theory, which states that an asset that is on the rise tends to witness a five-wave rally. The first, third and fifth waves of this theory are known to be upward impulsive movements, while the second and fourth waves are known to be periods of correction.
Bluntz said the following on the matter:
The weekly close was absolutely incredible… This weekly candle close really did get back into range. I think all signs point to new all-time highs and a higher macro fifth wave…
In terms of time, the second wave and the fourth wave are equal in time, which is what we want to see: there were 154 days for the second wave and 147 days for the fourth wave. So very, very equal in time.
According to the analyst, Bitcoin wave count still presents a healthy outlook due to the idea that higher time frame charts generally give reliable signals.
We have almost perfect one-to-one extension in terms of how long the second wave lasted and how long the fourth wave lasted. And in between those two waves, there is something that we can see as a very visible clear third wave here, which is the longest wave.
So basically when you look at this on the higher timeframes, which are always the most reliable timeframes, weekly and higher very rarely give false signals. I think all signs are that the fifth wave is on the rise.
According to the analyst, Bitcoin’s not-so-exaggerated expectation of a fifth wave rally points to a range of $85,000 to $100,000. However, he also notes that Bitcoin could rise to $115,000, depending on a fifth wave price movement that could last longer than expected.
How Many TL is Bitcoin?
Bitcoin’s decline, which began after rising to $65,000 the other day, continues unabated today. After a 2% drop in the last 24 hours, the price dropped to $62,000.
BTC’s After this price movement, the market volume decreased to $1.231 trillion, while the transaction volume increased to $29.9 billion after a 33% increase. This situation reveals that the tendency to accumulate is becoming increasingly intense despite the price decrease.
When we look at the BTC/TRY parity, it is seen that it remains above 2,000,000 TL and continues to find buyers at 2,113,000 TL as of the writing time.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
