Bitcoin (BTC) Has Probably Bottomed Out and Is Now Primed for an Uptick, Claims Crypto Trader Bluntz

In an Aug. 15 post on Twitter, the trader — famous for correctly predicting the 2018 Bitcoin (BTC) bottom — proclaimed that the cryptocurrency had completed an ABC correction.

Pseudonymous crypto trader Bluntz has predicted that Bitcoin (BTC) has bottomed out and is now set to begin an uptick in price.

The trader, who is known for correctly predicting the bottom of Bitcoin in 2018, shared their analysis in an Aug. 15 post on X. Bluntz claims that BTC has completed an ABC correction, which could lead the cryptocurrency to a price point of around $68,000.

3 waves down on $btc so far, this ends up being a higher low imo.

time to bid your favorite coins. pic.twitter.com/PvgrjiQwNe

An ABC correction is a key concept in Elliott Wave Theory, which is used to analyze market cycles and predict future price movements. The correction consists of three waves: wave A initiates the correction and moves against the prevailing trend.

The second part of the correction, wave B, typically retraces a portion of the first wave while moving in the direction of the original trend. Finally, wave C continues the correction and often extends beyond wave A.

This correction can help traders identify potential reversal and continuation points in the market.

Meanwhile, another crypto trader, Michaël van de Poppe, has suggested that BTC could drop as low as $48,000 if its current support level at $56,000 fails to hold.

#Bitcoin is having a casual price correction on a thursday evening.

Holding a crucial level of support, losing $56K and we will likely see new lows or a retest at $48K. pic.twitter.com/UZqGUMp343

Van de Poppe also noted that the total crypto market cap has only increased by 0.8% in the last 24 hours at over $2 trillion, which suggests that the market could still be correcting.

According to the analyst, the market could drop some more over the next one or two weeks before continuing its uptrend.

The total #crypto market capitalization has still seen the low of this correction.

Expecting 1-2 weeks of pain before we're going to be surging back upwards. pic.twitter.com/ZJXyEKw5bh

Captain Faibik, another pseudonymous trader, has suggested that BTC could move as high as $100,000 after it exits a critical phase.

The analyst claims that the cryptocurrency has been consolidating within a descending broadening wedge pattern since early 2024.

Lastly, Blockstream CEO Adam Beck shared his thoughts with Anna Tutova of Coinstelegram, stating that Bitcoin is still in the early stages of a bull cycle.

According to the Bitcoin veteran, the cryptocurrency could potentially increase by over 700% from its current price, with the main drivers being the length of time that investors hold their coins and the performance of Bitcoin-based spot exchange-traded funds.

At the time of writing, BTC is trading just below the $60,000 mark, showing a slight 0.1% increase over 24 hours.

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