Bluntz, a cryptocurrency analyst and trader known by the nickname Bluntz, has made a bullish forecast for Binance Coin (BNB), which is among the top 10 altcoins by market value. The analyst expects BNB to rise to four-digit levels. The analyst also analyzed the outlook of the altcoin king Ethereum (ETH) against the largest cryptocurrency Bitcoin (BTC).
Expecting $1,200 for BNB
Sharing his BNB analysis on his personal account on the social media platform X, Bluntz predicted that the altcoin is ready for a significant price increase and could potentially reach four-digit levels.
Bluntz’s analysis shows that BNB, the mainnet asset of the BNB Chain ecosystem, will reach at least a thousand dollars. This optimistic forecast is based on technical analysis, specifically the Elliott Wave theory that the analyst occasionally uses. According to this theory, BNB’s price will follow a five-wave pattern and rise to approximately $1,200. Bluntz’s price projection corresponds to a 71% increase from the current trading level.
As of now, BNB is trading at $700, just below its all-time high of $710 reached on June 5. Consistent upward momentum suggests that BNB’s price could soon surpass this previous peak and fulfill Bluntz’s bullish forecast.
A key component of Bluntz’s analysis, the Elliott Wave theory, suggests that the main trend in an asset’s price moves in a five-wave pattern, followed by a corrective three-wave pattern. This framework supports the forecast for a significant upward movement for BNB in the near future.
Ethereum/Bitcoin Analysis
In addition to his positive outlook on BNB, Bluntz also commented on the Ethereum/Bitcoin (ETH/BTC) trading pair. The analyst noted that following a bearish breakdown observed on the 12-hour time frame chart, the downtrend appears to have ended. A bearish divergence occurs when an indicator like the Relative Strength Index (RSI) shows a downward trend while the asset’s price rises, signaling a potential reversal.
Bluntz emphasized that a significant move is imminent for the ETH/BTC trading pair and that it is currently curving towards an upward trajectory. At the time of his analysis, Ethereum was trading at 0.05358 against Bitcoin, equivalent to $3,802.
