A widely followed cryptocurrency analyst and trader is leaning bullish on a large-cap altcoin amid a correction that has seen Bitcoin (BTC) fall to lows last witnessed in November.
The analyst pseudonymously known as Bluntz tells his 317,200 followers on the social media platform X that the utility token for the BNB Chain ecosystem, BNB, has not topped out yet.
According to the pseudonymous analyst, BNB could go up by at least 25% from the current level in “one final leg” to reach a new all-time high.
Based on a weekly chart by the pseudonymous analyst who regularly applies the Elliott Wave theory in his technical analysis, Bluntz appears to suggest that BNB is at the tail end of a five-wave pattern that started in mid-2023.
The Elliot Wave theory states that the main trend of the price of an asset occurs in a five-wave pattern while a correction takes place in a three-wave pattern. According to his chart, BNB could hit a price of around $900 to complete the fifth wave of the main bullish trend.
BNB is trading at $625 at time of writing.
Next up is Bitcoin. The widely followed analyst and trader appears to suggest that the crypto king could plummet if the support level that’s slightly above $86,000 fails to hold.
“If BTC is going to bounce it should be from right here [around $89,000] now that both sides of the range have been taken. And if not, well better to not talk about that.”
Bitcoin is trading at $88,504 at time of writing, up slightly from the three-month low of around $86,050 reached earlier this week.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
