A widely followed cryptocurrency analyst and trader believes that a top-10 altcoin by market cap is destined to rally by double-digit percentage points from the current level.
The analyst pseudonymously known as Bluntz tells his 260,900 followers on the social media platform X that BNB, the utility token for the BNB Chain ecosystem, is set to reach a price of at least $1,000.
“There’s no way BNB doesn’t get a four-digit handle this cycle.”
Based on Bluntz’s chart of BNB on the weekly timeframe, it appears that the pseudonymous analyst who sometimes employs the Elliott Wave theory in his technical analysis expects BNB to reach a price of around $1,200 in a five-wave pattern – a gain of about 71% from the current level.
The Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
BNB is trading at $700 at time of writing, around 1% below the all-time high of $710 reached on June 5th.
Next up is the Ethereum/Bitcoin (ETH/BTC) pair. The pseudonymous analyst says that the downward movement that followed a bearish divergence that had formed on the 12-hour timeframe chart of ETH/BTC appears to have ended.
A bearish divergence is a technical analysis pattern characterized by the price of an asset going up while an indicator, the Relative Strength Index (RSI) indicator, in this case, is trending downwards.
“Big move soon and I’m leaning towards up, at the moment.”
Ethereum (ETH) is trading at 0.05358 BTC ($3,802) at time of writing.
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