Analyst Bluntz is warning that copper may be setting up for a surprise rally similar to the parabolic breakout silver experienced in late 2025 and early 2026. In his chart comparison, Bluntz shows a familiar pattern: a long, grinding upward channel that appears boring for years until it suddenly breaks into a rapid acceleration phase.
Silver's breakout serves as the playbook. On the silver chart, the rising channel lasted approximately 3 years (about 1,135 days). The breakout occurred when silver cleared the upper channel band in the low-to-mid $30s. From that breakout zone, silver eventually surged into the $115-120 area before pulling back, representing a roughly 3x–4x move. The steepest part of the run happened in a relatively short window once the channel was breached, illustrating Bluntz's point about being "6 months early vs 1 day late."
Copper is currently testing key levels. Copper is trading around $5.73, hovering near the upper channel boundary. Key support levels to watch are $5.55–$5.60 (recent consolidation zone), $5.20–$5.30 (deeper channel support), and the psychological $5.00 level. Resistance and breakout trigger levels are $5.95–$6.10 (first test zone) and $6.20–$6.40 (real confirmation band for a clean channel escape).
If the breakout confirms, Bluntz claims "it will double fast." From around $5.70, a clean doubling implies a target of approximately $11–$12, mirroring silver's behavior of a long grind followed by an acceleration leg that ignores "fair value" for a period.
In related market analysis, another analyst, Ted Darret, provides insight into a recent sharp drop in the silver price. Darret argues that the decline may be a bear trap rather than a true liquidation crash. His reasoning centers on open interest data: while the silver price dumped hard, open interest only dropped around 20%, meaning most long positions remain open underwater.
This creates a tense positioning fight. Darret explains that in a true washout, open interest falls sharply as longs panic and close positions. The current scenario, with high open interest persisting, suggests selling pressure may have come from new shorts piling in near lows rather than longs capitulating. This sets up a potential short squeeze. A small bounce could trigger forced covering from late shorts, leading to a sharp, V-shaped recovery. Darret's view is that silver may see short-term flushing around $73–$74, but a rebound toward $85 or higher is possible if shorts start covering.
