Altcoins
Top Analyst Says Blue-chip Altcoin Is Poised to Spark a 70% Rally, Updates His Outlook on Ethereum
A widely followed cryptocurrency analyst and trader believes that a top 10 altcoin by market cap is destined to rebound by double-digit percentage points from the current level.
The pseudonymous analyst known as Bluntz tell his 260,900 subscribers on the social media platform BNBthe utility token of the BNB Chain ecosystem, is expected to reach a price of at least $1,000.
“There’s no way BNB won’t get a four-digit handle this cycle.”
Based on Bluntz’s chart of BNB on a weekly time frame, it appears that the pseudonymous analyst who sometimes uses Elliott Wave Theory in his technical analysis expects BNB to reach a price of around 1 $200 in a five-wave setup, a gain of approximately 71%. of the current level.
The Elliott Wave Theory states that the main trend in an asset’s price moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Source: Bluntz/X
BNB is trading at $700 at the time of writing, approximately 1% below the all-time high of $710 reached on June 5.
Next comes the Ethereum/Bitcoin (ETH/BTC) pair. The pseudonymous analyst said that the downward move that followed a bearish divergence that had formed on the ETH/BTC 12-hour chart appears to have ended.
A bearish divergence is a technical analysis pattern characterized by an asset’s price rising while an indicator, the Relative Strength Index (RSI) indicator, in this case, is trending downward.
“Big move soon and I’m leaning towards the top, for now.”
Source: Bluntz/X
Ethereum (ETH) is trading at 0.05358 BTC ($3,802) at the time of writing.
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