An analyst and trader who accurately predicted the bottom for Bitcoin (BTC) in 2018 believes that the crypto king is set to rise after a recent correction.
Known as Bluntz, the trader and analyst shares with his 326,100 followers on X that Bitcoin is likely finished correcting after dropping below the $116,000 mark.
“Send it.”
According to Bluntz’s chart, Bitcoin’s ABC correction appears to be complete, with BTC now aiming for new all-time highs at $127,000.
Bluntz follows the Elliott Wave theory, suggesting that a bullish asset typically experiences a new uptrend following an ABC correction.
Bitcoin is currently trading at $117,262.
Next on the radar is the Bonk (BONK) memecoin. Bluntz notes that BONK is holding up well amidst Bitcoin’s correction.
Bluntz indicates that BONK has finished a downward ABC-wave pattern and is now positioned to reach the $0.000044 price level.
“Not only does BONK appear to have completed a clear ABC pattern, but it also held strong and defended its lows during BTC’s decline… I anticipate a significant surge in BONK.”
BONK is currently trading at $0.000035.
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Generated Image: Midjourney