Bitcoin may have hit its lowest point and is now poised for an increase, according to the anonymous crypto trader known as “bubblechaser” Bluntz. In a post on August 15, the trader, who accurately predicted the 2018 Bitcoin bottom, stated that the cryptocurrency has completed an ABC correction and its price could potentially reach around $68,000.

ABC corrections are a fundamental concept in Elliott Wave theory, which is used to analyze market cycles and predict future price movements. This correction consists of three waves. Wave A initiates the correction by moving against the prevailing trend. Wave B retraces part of wave A while moving in the direction of the original trend. Finally, Wave C continues the correction and often extends beyond wave A. This pattern helps market watchers identify potential reversal and continuation points.

“Clear 3 wave move down on $BTC so far, this ends up being a higher low in my opinion. Time to bid your favorite coins.” – Bluntz (@Bluntz_Capital)

Another crypto trader, Michaël van de Poppe, suggested that Bitcoin could drop to as low as $48,000 if its current support level at $56,000 fails. He noted that Bitcoin is experiencing a casual price correction and is holding a crucial level of support. Losing the $56K support could lead to new lows or a retest at $48K.

“#Bitcoin is having a casual price correction on a Thursday evening. Holding a crucial level of support, losing $56K and we will likely see new lows or a retest at $48K.” – Michaël van de Poppe (@CryptoMichNL)

Van de Poppe also highlighted the current crypto market cap of over $2 trillion, an increase of 0.8% from the previous 24 hours, suggesting the market could still be correcting. He mentioned a possibility of the market dropping further in the next one or two weeks before potentially rebounding.

“The total #crypto market capitalization has still seen the low of this correction. Expecting 1-2 weeks of pain before we’re going to be surging back upwards.” – Michaël van de Poppe (@CryptoMichNL)

Other analysts share similar sentiments. Captain Faibik, another pseudonymous trader, believes Bitcoin could reach as high as $100,000 after exiting its current critical phase. He noted that Bitcoin has been consolidating inside a descending broadening wedge pattern since early 2024.

Blockstream CEO Adam Beck also shared his thoughts, stating that Bitcoin is still in the early stages of an ongoing bull cycle. According to Beck, the cryptocurrency could potentially increase by more than 700% from its current position. He cited the length of time investors hold their coins and the performance of Bitcoin-based spot exchange-traded funds as the main drivers.

At the time of writing, Bitcoin was trading just below the $60,000 level, showing a slight 0.1% improvement over 24 hours.

For more insights and updates on the cryptocurrency market, visit Global Crypto News.

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