Bitcoin (BTC) is set to catch up with the surging stock market, according to a prominent crypto analyst. Leading digital currency has lagged behind equities but may soon close the gap. That might also mean we get to see a so called 'God Candle' phenomenon.
Pseudonymous trader Bluntz, known for rather accurate crypto predictions, shared his outlook with 265,000 followers on X. He believes Bitcoin is ready for a significant upward move, maybe, even for a one of those unbelievable surges, that each time make some people become obsessed with Bitcoin, while other go broke, of course.
"Crypto wasn't leading, it was lagging. The great catch-up begins," Bluntz stated.
Bitcoin traded at $64,774 at press time, having broken above the $60,000 mark. Bluntz sees this as a bullish signal.
The analyst expects a "god candle" – crypto slang for a massive price spike. This would result in a large green candlestick on price charts.
Bluntz suggests Bitcoin may have bottomed out earlier this month. The price dipped below $55,000, but buyers stepped in, and what analysts call a 'resistance' was as strong as any crypto bull would be dreaming about.
A hammer candlestick pattern on the monthly chart caught the analyst's eye. "I know there are still [15] days to go but damn that monthly BTC candle is straight fire," he commented.
This pattern often indicates a potential trend reversal after a downward move.
Crypto analytics firm Santiment noted increased market activity over the weekend. They linked it to former President Trump surviving an assassination attempt at a Pennsylvania rally, but some analysts thinks it might have started even earlier than that.
The incident seemingly jolted Bitcoin and other cryptocurrencies out of their slumber.
With stocks on a tear, all eyes are now on Bitcoin. Traders are watching to see if it can match or surpass the equities rally.