A crypto strategist known for earning the “Master Trader” rank on the digital asset exchange Bybit believes Bitcoin (BTC) is setting the stage for a renewed bull market.

In a new video, pseudonymous analyst Bluntz tells his 288,200 followers on the social media platform X that Bitcoin has been seeing shallower dips in the low time frame since printing its August low at around $49,000.

According to Bluntz, Bitcoin appears to be forming a series of 1-2 Elliott Wave structures, indicating that BTC is preparing for an explosive upside move.

“If we can see these wave twos, [they’re] getting shallower and shallower because it’s gearing up for an upside breakout like a monstrous wave three, which is what I’m anticipating.

We can see it makes sense that this ABC wave two is getting shallower and shallower. The first one [at $52,000] hit the 0.768 Fib (Fibonacci level), the second one [at $59,600] barely hit the 0.50 Fib and now we can see the third one [at $65,300] is only hitting the 0.382 Fib.

That is a sign of a strong market.”

The analyst practices the Elliott Wave theory, a technical analysis approach that attempts to predict future price action by following crowd psychology which tends to manifest in waves. According to the theory, a bullish asset often witnesses a five-wave surge where wave two is a corrective period and wave three represents the strongest upside move.

Bluntz says as long as Bitcoin stays above $65,300, he expects BTC to consolidate below $68,000 for some time before igniting a strong wave three rally.

At time of writing, Bitcoin is trading for $66,979.

Check Price Action

Surf The Daily Hodl Mix

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.