An analyst and trader who is widely respected in the cryptocurrency world has shifted his bullishness to a large cap altcoin despite a recent correction which saw Bitcoin (BTC), fall as lows not seen since November.
Bluntz, an analyst who uses a pseudonym, told his social media followers (317,200) that BNB (the utility token of the BNB Chain eco-system), hasn’t reached its peak yet.
The pseudonymous expert believes that BNB will reach new highs by “one last leg”, which would be at least a 25% increase from its current levels.
According to a chart of the weekly Elliott Wave analysis by the pseudonymous technical analyst, Bluntz suggests that BNB has reached the end of the five-wave cycle that began in the middle 2023.
According to the Elliot Wave Theory, the major trend in the price of a particular asset is a five wave pattern. A correction occurs as a three wave pattern. His chart shows that BNB’s price could reach $900 in order to finish the fifth wave.
BNB currently trades at $625.
Bitcoin is next. This widely-followed analyst and trader suggests that Bitcoin could plunge if support levels slightly above $86,000 fail to hold.
If BTC will bounce, it would be right from here (around $89,000) now that both ends of the range are taken. If not, then it’s better not to talk about that .”
Bitcoin has risen to $88,504 as of the time of this writing. This is a slight increase from its three-month low, which was around $86,050 earlier in the week.
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The post Crypto Analyst says Top-10 Altcoins Primed to Reach New All-Time Highs, Updates on Bitcoin Outlook may change as new information is released.
