Benjamin Blunts tells his nearly 56,000 Twitter followers that the BTC is preparing for a $ 12,000 rally.
“When BTC finally comes out of this range, it [is going to be explosive, I would say 11k in 3 weeks and maybe 12k in a month.”
The crypto analyst predicts Bitcoin price action using Elliott's wave theory . The advanced technical analysis approach examines reliable wave models that show the repetitive behavior of market players. According to Elliott Wave principles , an ABCDE triangle indicates consolidation in a bull market. Once the scheme is complete, the BTC will likely start a strong rally.
But Benjamin Blunts warns his supporters to watch out for a sudden downward movement before Bitcoin hits the target.
"Yeah, I'm suspicious of something like this. As we say in 2019: escape then shake, but then I thought how often does lightning strike twice? "
Blunts used his prowess in the Elliott Wave analysis to forecast the bottom of the 2018 Bitcoin bear market. The technical trader told his followers in June 2018 that Bitcoin would bottom out at $ 3,200. The prediction turned out to be correct when BTC hit the target on December 15.