The Bitcoin price saw a remarkable recovery trend over the weekend that took it back above $60,000, and by the early hours of Monday the price had recovered to above $63,000. Given this recovery trend, crypto analyst Bluntz Capital has used Elliot Wave theory to map out where the BTC price could go from here after the initiation of this recovery trend.
Why Bitcoin Price Surpassing $60,000 Matters
In an analysis on Sunday, crypto analyst Bluntz Capital said revealed where the Bitcoin price could go from here. The analysis, which was done when the Bitcoin price was still below $60,000, paints a very bullish path for the cryptocurrency’s price if bulls remain in control.
At the time of the analysis, the crypto analyst explained that Bitcoin price action looked like accumulation was underway. Why this is important is the fact that rallies often occur after accumulation because a large percentage of the available supply is taken out of circulation.
Bluntz’s analysis focused on the ability of Bitcoin Could Reclaim $60,000a level that he thinks will determine whether the price on the way to a new recordHe explained that if BTC managed to hit $60,000, then “it would have taken off and potentially started a new momentum up.”
Well, at the time of writing, Bitcoin price has already successfully breached $60,000, with support above $62,000. This trajectory sets the crypto analyst’s prediction into motion, which suggests that the Bitcoin price could be headed for a new record.
Is BTC Price Headed to a New Record?
As mentioned above, the Bitcoin price has already exceeded the key level presented by the analyst, which gives credibility to the possible next price development. With this new impetus, the analyst believes the Bitcoin price could top $80,000.
The very highest point of this impulse would mean that the BTC price would reach a brand new all-time high, and given the timeline on the chart, this rise to the $80,000 level could happen sometime this year. This would represent a nearly 20% increase from the current all-time high price of $73,000.
At the time of writing, Bitcoin price is still maintaining its price above $62.7000 after 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 correct, the current sideways movement may only last for a short time before a bullish impulse sends the price higher.
Main image created with Dall.E, chart from Tradingview.com