Bitcoin Bullish as Analyst Predicts Breakout After Halving

An influential crypto analyst, known as Bluntz, is expressing optimism about Bitcoin’s future price performance following the recent halving event.

Bluntz, who has a substantial following of 257,100 on social media platform X, suggests that Bitcoin is poised for a breakout based on the two-hour chart’s price action.

Upon analyzing Bluntz’s chart, it becomes apparent that Bitcoin is forming a symmetrical triangle pattern on the two-hour chart. These patterns can either be bullish or bearish, with a bullish outcome expected if the price surpasses the upper trend line and a bearish outcome if it drops below the lower trend line.

The pseudonymous analyst believes that once Bitcoin surpasses the $67,000 resistance level, the entire market will experience a surge.

At the time of writing, Bitcoin is trading at $66,455.

Bluntz also analyzed dogwifhat (WIF), a memecoin based on the Solana blockchain.

According to Bluntz, WIF is on the verge of a breakout after forming an ascending triangle over a two-week period on the four-hour chart.

Upon examining Bluntz’s chart, it becomes evident that the memecoin has also formed a three-wave pattern to the downside. According to the Elliott Wave theory, an asset’s main trend follows a five-wave pattern, while minor correctional trends follow a three-wave pattern.

WIF is currently trading at $3.38.

Bluntz also shares his insights on the Pepe (PEPE) memecoin.

According to Bluntz, Pepe is experiencing an upward acceleration. Analysis of Bluntz’s chart reveals that Pepe has completed a three-wave pattern to the downside, concluding at the 0.618 Fibonacci retracement level.

Fibonacci retracement levels, which are based on Fibonacci numbers, are commonly used in technical analysis to identify potential support and resistance levels. Bluntz’s chart also suggests that Pepe could appreciate by approximately 66% from its current level, reaching an upside target of around $0.000013.

PEPE is currently trading at $0.00000784.

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