Today, Bitcoin's price continued its decline, falling below the $63,000 level again. Although BTC reached $65,000 yesterday, today's drop raises questions, but market participants' optimistic mood remains unshaken.
Analyst’s Bitcoin Commentary
A cryptocurrency analyst known for predicting market bottoms commented that Bitcoin (BTC) is ready for a significant rise and to revisit record levels. Sharing a new view, analyst Bluntz stated on X that the final leg of Bitcoin’s five-wave rise, which he has mentioned many times in the past, is currently ongoing. Bluntz operates with the Elliott Wave theory, which suggests that a rising asset tends to witness a five-wave rally. It is known that upward impulsive movements occur in the first, third, and fifth waves of this theory, while the second and fourth waves are periods of corrections.
Bitcoin Price in TL
Bitcoin’s decline, which started after rising to $65,000 yesterday, continues today. After a 2% drop in the last 24 hours, the price fell to $62,000. BTC’s market cap fell to $1.231 trillion after this price movement, while its trading volume rose to $29.9 billion after a 33% increase. This situation shows that the accumulation trend is becoming increasingly intense despite the price drop. Looking at the BTC/TRY pair, it is seen that it continues to find buyers at 2,113,000 TL at the time of writing, remaining above the 2,000,000 TL mark.
Analyst’s Conclusions
According to the analyst, the fifth wave rise of Bitcoin points to a range of $85,000 to $100,000. However, he also notes that Bitcoin could rise to $115,000 depending on the duration of the fifth wave. The analyst believes that charts on higher time frames generally provide reliable signals.
Thus, despite the recent price drop, many analysts remain positive about Bitcoin’s outlook, expecting it to reach new record levels in the near future.
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