A widely followed analyst and trader who accurately predicted the bottom for Bitcoin (BTC) in 2018 says the crypto king is primed to go higher after a recent correction.
The trader and analyst pseudonymously known as Bluntz tells his 326,100 followers on the social media platform X that Bitcoin is likely done correcting after falling below the $116,000 price level.
“Send it.”
Looking at the trader’s chart, he seems to suggest that Bitcoin’s ABC correction is done and BTC is now targeting new all-time highs at $127,000.
Bluntz follows the Elliott Wave theory, which states that a bullish asset tends to witness a new uptrend after completing an ABC correction.
Bitcoin is trading at $117,262 at time of writing.
Next up is the Bonk (BONK) memecoin. According to the widely followed analyst, BONK is “holding up remarkably well” amid a Bitcoin correction.
Bluntz suggests BONK has completed an ABC-wave pattern to the downside and is now poised to hit the $0.000044 price area.
“Not only does BONK look like a nice clear ABC has already been put in, but it held strong and defended the lows while BTC dumped…
I suspect a rage pump is imminent on BONK.”
BONK is trading at $0.000035 at time of writing.
Generated Image: Midjourney