A renowned crypto strategist, who has earned the prestigious “Master Trader” title on the digital asset exchange Bybit, is confident that Bitcoin (BTC) is on the verge of entering a new bull market.

In a recent video, the analyst, known as Bluntz, shared his insights with his 288,200 followers on the social media platform X. Bluntz pointed out that Bitcoin has been experiencing shallower dips in the shorter time frames since reaching its low point of around $49,000 in August.

Bluntz believes that Bitcoin is currently forming a series of 1-2 Elliott Wave structures, which suggests that BTC is preparing for a significant upward move. He explains that the wave twos are becoming progressively shallower, indicating that Bitcoin is gearing up for a massive wave three breakout.

Analyzing the Fibonacci levels, Bluntz notes that the first wave two, which occurred at $52,000, reached the 0.768 Fibonacci level. The second wave two, at $59,600, barely touched the 0.50 Fibonacci level. Now, with the third wave two at $65,300, it is only hitting the 0.382 Fibonacci level. Bluntz sees this as a sign of a robust market.

Bluntz follows the Elliott Wave theory, an approach to technical analysis that aims to predict future price movements by examining crowd psychology, which often manifests in waves. According to this theory, a bullish asset typically experiences a five-wave surge, with wave two serving as a corrective phase and wave three representing the most powerful upward movement.

As long as Bitcoin remains above $65,300, Bluntz expects BTC to consolidate below $68,000 for a period of time before embarking on a strong wave three rally.

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

Disclaimer: The opinions expressed in this article are not investment advice. It is recommended that investors conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that all transfers and trades are made at your own risk, and any losses incurred are your responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it a financial advisor. Please note that The Daily Hodl engages in affiliate marketing.