Bitcoin price saw a noticeable rebound over the weekend that took it back above $60,000, and by early Monday morning, the price had rebounded above $63,000. Given this rebound trend, cryptocurrency analyst Bluntz Capital used Elliott Wave Theory to map out where BTC price could head once this rebound trend begins.
Why Bitcoin Price Over $60,000 Matters
In Sunday’s analysis, cryptocurrency analyst Bluntz Capital revealed where Bitcoin price could be headed next. The analysis, which was conducted when Bitcoin price was still below $60,000, sets a very bullish path for the cryptocurrency’s price if bulls maintain control.
At the time of the analysis, the crypto analyst explained that Bitcoin’s price action looked like it was undergoing an accumulation. Why this is vital is that rallies often follow accumulations as a vast percentage of the available supply is withdrawn from circulation.
Bluntz’s analysis focused on the ability Bitcoin is poised to recover $60,000a level that he believes will determine whether the price is headed for a modern all-time high. He explained that if BTC managed to break above $60,000, it would “get the ball rolling and maybe start a new uptrend.”
Well, at the time of writing, Bitcoin price has already successfully breached $60,000, with support established above $62,000. This trajectory sets in motion the crypto analyst’s prediction, suggesting that Bitcoin price may be heading towards a modern all-time high.
BTC price heading towards modern all-time high?
As mentioned above, Bitcoin price has already exceeded an vital level presented by the analyst, which allows us to assume which direction the price may now head. The analyst believes that with this modern momentum, the price of bitcoin could rise above $80,000.
The very top of this momentum would see BTC price reach a modern all-time high, and given the timeline on the chart, that rally to $80,000 could happen this year. That would be almost a 20% enhance from the current all-time high of $73,000.
At the time of writing, Bitcoin price is still holding above $62.7k after a compact decline from $63k. Nevertheless, bulls still control the price as it continues to hold support at $60.5k.
If the cryptocurrency analyst is right, the current sideways move may only last for a low while before a bullish impulse drives the price even higher.
Featured image created with Dall.E, chart from Tradingview.com
