Crypto Analyst Predicts Bitcoin to Surge to $120,000 as Market Eyes Bullish Momentum

A widely followed cryptocurrency analyst, known pseudonymously as Bluntz, has sparked a wave of optimism among Bitcoin (BTC) enthusiasts, signaling that the leading cryptocurrency is primed for a significant rally. The analyst recently shared insights with his 309,200 followers on the social media platform X, predicting that Bitcoin could surge by at least 17% from its current trading level.
Bitcoin’s Potential Surge to $120,000
Bluntz noted that Bitcoin has shown “savage price action” after experiencing a dramatic dip to around $89,200, followed by a rapid recovery. According to Bluntz, the cryptocurrency is now poised for a rally that could take its price well beyond its current level of $102,580.
In his forecast, Bluntz explained that Bitcoin’s price behavior suggests a phase of forced capitulation, where traders and investors are likely to be sidelined due to the volatility. This, in turn, could drive the price higher as traders are forced to chase the price upwards, resulting in a rally. Bluntz anticipates that this “next leg up” could take Bitcoin to over $120,000.
Elliott Wave Theory Suggests Bullish Trends
Bluntz is known for his technical analysis that frequently incorporates the Elliott Wave theory, a method of forecasting price movements based on historical patterns. The analyst points out that Bitcoin is currently in the final stage of a five-wave pattern that began in September 2024. According to the Elliott Wave theory, the primary trend typically follows a five-wave pattern, while corrections occur in three-wave movements.
If Bluntz’s analysis holds true, Bitcoin may be in the final stages of a bullish phase that could lead to substantial price gains in the coming weeks and months.
FLOKI’s Bullish Reversal Pattern
In addition to his Bitcoin analysis, Bluntz also shared his thoughts on FLOKI (FLOKI), a popular memecoin that has recently shown signs of bullish reversal. Bluntz pointed out that FLOKI is forming a double-bottom pattern on the three-day time frame. This pattern is widely regarded in technical analysis as a bullish signal, often indicating a potential reversal in the asset’s price trend.
At the time of writing, FLOKI is trading at $0.000179, with many in the crypto community watching closely for further developments. If the double-bottom pattern continues to play out, it could trigger a strong rally for FLOKI in the near future.
What’s Next for the Crypto Market?
Bluntz’s bold predictions have sparked renewed interest in Bitcoin and FLOKI, with traders eagerly awaiting the next phase of market action. As Bitcoin approaches new price levels and FLOKI shows signs of potential growth, the crypto market could experience some exciting developments in the coming weeks.
For now, both Bitcoin and FLOKI remain in the spotlight, with analysts and traders alike keenly watching for confirmation of these bullish trends.