The Bitcoin price saw a notable recovery trend over the weekend that put it back above $60,000, and by the early hours of Monday, the price had recovered above $63,000. Given this recovery trend, crypto analyst Bluntz Capital, has used the Elliot Wave Theory to map out where the BTC price could be headed from here after kickstarting this recovery trend.
Why Bitcoin Price Clearing $60,000 Is Important
In a Sunday analysis, crypto analyst Bluntz Capital revealed where the Bitcoin price could be headed next from here. The analysis, which was made while the Bitcoin price was still under $60,000, maps out a very bullish path for the cryptocurrency’s price is bulls stayed in control.
At the time of the analysis, the crypto analyst explained that the Bitcoin price action looked like accumulation had been going on. Why this is important is the fact that rallies often come after accumulation since a large percentage of the available supply is being taken out of circulation.
Bluntz’s analysis focused on the ability of Bitcoin being able to reclaim $60,000, a level which he believes will determine if the price was headed to a new all-time high. He explained that if BTC was able to clear $60,000, then it’s “off to the races and a new impulse up may have begun.”
Well, at the time of this writing, the Bitcoin price has already successfully cleared $60,00, with support established above $62,000. This trajectory puts the crypto analyst’s prediction in motion, suggesting that the Bitcoin price may be headed for a new all-time high.
BTC Price Headed For New All-Time High?
As mentioned above, the Bitcoin price has already cleared the important level presented by the analyst, giving credence to where the price might be headed next. With this new impulse, the analyst believes the Bitcoin price could rise above $80,000.
The very top of this impulse would mean that the BTC price would be hitting a brand-new all-time high, and given the timeline on the chart, this surge to the $80,000 level could happen sometime this year. This would mean an almost 20% increase from its current all-time high price of $73,000.
At the time of writing, the Bitcoin price is still maintaining price above $62,7000 after suffering a slight decline from $63,000. Nevertheless, the bulls remain in control of the price as it continues to hold the $60,5000 support.
If the crypto analyst is right, then the current sideways movement could last for only a short while before a bullish impulse sends it higher.
Featured image created with Dall.E, chart from Tradingview.com