Cryptocurrency Analyst Bullish on BNB Amid Bitcoin Correction
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, known as Bluntz, tells his 317,200 followers on X that the utility token for the BNB Chain ecosystem, BNB, has not topped out yet.
According to Bluntz, BNB could go up by at least 25% from its current level in “one final leg” to reach a new all-time high.
Based on a weekly chart, Bluntz suggests that BNB is at the tail end of a five-wave pattern that started in mid-2023. The Elliott Wave theory states that the main trend occurs in a five-wave pattern while a correction takes place in a three-wave pattern. His analysis indicates that BNB could hit around $900, completing the fifth wave of the bullish trend.
At the time of writing, BNB is trading at $625.
Next up is Bitcoin. Bluntz suggests that BTC could plummet if the support level slightly above $86,000 fails to hold.
“If BTC is going to bounce it should be from right here [around $89,000]. And if not, well better to not talk about that.”
Bitcoin is trading at $88,504, recovering slightly from its recent three-month low of approximately $86,050.
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