Silver May Surge 15% to $43 as Bluntz Predicts Major Leg Up

A widely followed cryptocurrency analyst and trader, known by the pseudonym Bluntz, has predicted a significant upward movement in silver prices. Bluntz, who has 320,800 followers on the social media platform X, suggests that silver may soon outshine gold, which has been hitting new all-time highs. According to Bluntz, silver is gearing up for a major leg up, with the gold-to-silver ratio starting to diverge heavily on low timeframes. This divergence indicates that silver may take a more prominent position in the market compared to gold.

Bluntz practices Elliott Wave theory, which posits that a bullish asset tends to go through a five-wave move up before an ABC correction. Based on this theory, Bluntz suggests that silver is currently in the process of its third-wave surge. He predicts that silver may reach the $40 level, followed by a slight correction before soaring to around $43. This prediction is based on the trader's analysis of the Elliott Wave pattern, which has historically been reliable in predicting price movements in the silver market.

In addition to the Elliott Wave theory, Bluntz points to other technical indicators that support his bullish outlook for silver. One such indicator is the possible formation of a bullish inverse head-and-shoulders (IHS) pattern against the S&P 500 (XAG/SPX) on the monthly chart. Bluntz notes that this pattern has been brewing for four years and is now on the cusp of a massive breakout. He also highlights the increasing volume in the breakout and multiple extremely high timeframe bull divergences, which further support his prediction of a significant upward movement in silver prices.

Bluntz's analysis also extends to gold, which he predicts may hit a new all-time high within weeks. According to Bluntz, gold has cleared the $3,400 resistance level and is coming in on the all-time high test. He believes that gold will reach $3,800 within a few weeks, further supporting his bullish outlook for precious metals. At the time of writing, gold is trading at $3,414, and the gold/silver ratio, which measures the number of ounces of silver required to purchase one ounce of gold, is currently at 93. Silver is worth $36.42 at the time of writing.

Bluntz's prediction of a major leg up in silver prices is expected to attract the attention of investors and traders who are looking for opportunities in the precious metals sector. His analysis, based on technical indicators and historical patterns, provides a bullish perspective on the future of silver. As market participants closely monitor various factors that could influence silver prices, including geopolitical tensions and economic policies, Bluntz's price targets for silver are seen as a potential catalyst for increased investment in the metal. The outlook for silver prices remains positive, with Bluntz's analysis providing a compelling case for a significant upward movement in the near future.