Renowned analyst Bluntz, operating under a pseudonym, has shared his belief that Bitcoin (BTC) is on track to reach a new all-time high within the next two weeks. Bluntz, who has a significant following of 256,600 users on social media platform X, indicates that Bitcoin is currently experiencing a surge in its third wave.

Bluntz employs the Elliott Wave theory in his analysis, which suggests that assets tend to undergo a five-wave rally, with the third wave being the longest and most powerful upward movement. According to Bluntz, Bitcoin is currently in the fifth wave of a larger third wave, with several upward movements still expected. He ultimately anticipates that Bitcoin will reach a peak of around $120,000 in this cycle.

Analyzing the trader’s chart, it appears that BTC is poised to rally to $90,000 from its current levels before experiencing a correction in the fourth wave, dropping back down to $80,000. After this retracement, Bluntz predicts that Bitcoin will skyrocket to $120,000 in the fifth and final wave.

As of the time of writing, Bitcoin is trading at $66,836, reflecting a 2% increase in the last 24 hours.

Bluntz also has his sights set on Near (NEAR), a competitor of Ethereum (ETH). According to the esteemed analyst, NEAR appears ready for an upward burst following the completion of an ABC corrective wave.

Bluntz states, “Near looking great here, has been one of the strongest movers from the lows and will probably be one of the firsts to make fresh highs.”

Based on the trader’s chart, it seems that NEAR could rally as high as $12. Currently, NEAR is valued at $7.02, marking a 9% increase in the past day.

In conclusion, Bluntz’s analysis suggests promising developments for both Bitcoin and NEAR. However, investors are advised to conduct their own research and exercise caution before engaging in high-risk investments in cryptocurrencies or digital assets.

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