A widely followed crypto analyst is expressing bullish sentiment on Bitcoin (BTC) days after the halving took place.

The analyst, pseudonymously known as Bluntz tells his 257,100 followers on the social media platform X that Bitcoin is preparing to break out according to price action on the two-hour chart.

Based on the pseudonymous analyst’s chart, Bitcoin appears to form a symmetrical triangle on the two-hour chart. Symmetrical triangle patterns can either be bullish or bearish – bullish if the price breaks out above the upper trend line and bearish if the price breaks down below the lower trend line.

According to the pseudonymous analyst, once Bitcoin overcomes the $67,000 resistance level, “I think the whole market flies”.

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

Bluntz also analyzes the Solana-based memecoin dogwifhat (WIF). According to Bluntz, WIF is on the cusp of a breakout after forming an ascending triangle for a period of two weeks on the four-hour chart.

Based on the pseudonymous analyst’s chart, it appears that the memecoin has also formed a three-wave pattern to the downside. According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a minor correctional trend moves in a three-wave pattern.

WIF is trading at $3.38 at time of writing.

The pseudonymous analyst also offers his take on the Pepe (PEPE) memecoin.

According to Bluntz, Pepe is accelerating upwards. Based on Bluntz’s chart, it appears that Pepe has completed a three-wave pattern to the downside. The three-wave pattern ended at the 0.618 Fibonacci retracement level, based on Bluntz’s chart.

In technical analysis, Fibonacci retracement levels, which are based on Fibonacci numbers, are used to determine potential support and resistance levels. It also appears from the chart that Bluntz’s upside target of around $0.000013 could see Pepe appreciate by around 66% from the current level.

PEPE is trading at $0.00000784 at time of writing.

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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.

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The founders of the analytics platform Glassnode are predicting the altcoin market cap will surge by 350% after the recent correction.

Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say the alt market cap may be forming a similar 2021 structure when there was a sudden retracement followed by a massive bull run.

The analysts use the Elliott Wave theory in their analysis, which states that an asset tends to witness a five-wave rally.

“The crypto bull market continues. ‘Others’ follow crypto excluding the largest ten cryptos. Observe that we in early 2021 had a strong correction. We believe that was a wave four. We now have a similar strong decline. More upside is coming. This index and our Fibonacci levels give us [reason to believe] we may see ~350% upside from current levels.”

The founders recently said another bullish catalyst for the crypto market is the waning strength of the US dollar index (DYX).

According to the analysts, the DXY likely printed a top earlier this month in an expanding diagonal pattern, implying that a significant downward move is underway, which may be a catalyst for a renewed bull market for Bitcoin (BTC).

The founders also weigh in on what they believe are the price impacts from the spot BTC exchange-traded funds (ETFs). They say that ETF investors are reactionary to price declines, but not a cause of them.

“The significant volume handled by ETFs also highlights their potential as catalysts in the market, potentially driving both short-term price movements and long-term strategic shifts in investment and trading behaviors. So far, however, significant ETF outflows often align with notable price drops in the Bitcoin market, indicating that investors tend to react to existing downturns rather than causing them.

This suggests a predominantly reactive investor behavior in times of market volatility, which is crucial for understanding the causality of price movements.”

Bitcoin is trading for $66,434 at time of writing, down slightly in the last 24 hours.

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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.

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A closely followed crypto strategist thinks that Bitcoin (BTC) is primed to launch the final steep rally of its parabolic trend.

In a new video update, analyst Kevin Svenson tells his 142,100 followers on the social media platform X that Bitcoin is about to ignite the last leg of its parabolic rally that could see prices close to $100,000.

“Bitcoin may be ready to play out the final vertical point on the parabolic trend, which is a big, big move. Bitcoin is currently sitting in base four. Once we break a new high that confirms base four, we could be headed up toward $90,000. This is a big move – $66,000 to $90,000 – that’s a big move, despite what it looks like on the weekly chart.

And there are indicators to suggest that we may be seeing this happen in the next month or two, and that is the weekly MACD (moving average convergence divergence). Holding the neutral zone is important in a momentum-based trend.”

The MACD is a technical indicator that gauges the momentum of a trend. According to Svenson, Bitcoin appears to be repeating the same pattern witnessed in 2017 when the crypto king sparked big rallies after holding the MACD neutral zone.

“Look at 2017. In 2017 when we went from just hundreds of dollars all the way up to $20,000, we held the MACD neutral zone on every pullback. And that marked the low with the next major parabolic advance – a huge move up for Bitcoin each time. 

Right now, pretty clear, Bitcoin is playing out a similar pattern, a continuation pattern: hold the neutral zone [and then] parabolic advance… That’s going to give us our next vertical push toward the sell point, according to the textbook. 

Is the sell point the end of the Bitcoin cycle? No. It is the end of the trend with a consolidation and a continuation up later.” 

At time of writing, Bitcoin is worth $66,557.

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