Bluntz, a popular cryptocurrency analyst and trader, is confident that a top-10 altcoin by market cap is poised for a significant rally from its current level. Sharing his insights with his 260,900 followers on X, Bluntz, who goes by a pseudonym, predicts that BNB, the utility token for the BNB Chain ecosystem, will surpass $1,000 in price.
According to Bluntz’s analysis of BNB on the weekly timeframe, he anticipates a five-wave pattern that could see BNB reaching around $1,200, marking a 71% increase from its current level. Utilizing the Elliott Wave theory in his technical analysis, Bluntz explains that this pattern suggests a potential surge in BNB’s price.
At the time of writing, BNB is trading at $700, slightly below its all-time high of $710. Moving on to the Ethereum/Bitcoin (ETH/BTC) pair, Bluntz notes that the downward trend following a bearish divergence on the 12-hour timeframe chart seems to have come to an end. A bearish divergence occurs when the price of an asset rises while the RSI indicator trends downwards.
With Ethereum (ETH) currently trading at 0.05358 BTC ($3,802), Bluntz hints at a significant move ahead, leaning towards a bullish direction. As investors navigate the volatile cryptocurrency market, Bluntz’s expert analysis provides valuable insights for making informed decisions.
Disclaimer: The opinions expressed by Bluntz in this article are not financial advice. Investors are advised to conduct their own research before engaging in high-risk investments in cryptocurrencies. The Daily Hodl does not endorse the buying or selling of any digital assets and encourages caution when trading in this market.