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In 2018, Bitcoin (BTC) hit its predicted low, drawing the attention of investors. Crypto analyst Bluntz, who closely monitors the largest cryptocurrency, stated that he is on the side expecting a rise. The analyst also expressed his belief that the upward movement in popular altcoin Solana (SOL) will continue.
Bitcoin’s Target: $42,000
Anonymous crypto analyst Bluntz stated on his personal account on the social media platform X (formerly known as Twitter) that Bitcoin appears to be “ready to explode” after a two-week consolidation period. In his technical analysis of the largest cryptocurrency, the analyst used Elliott Wave Theory and claimed that the first target level for Bitcoin is $42,000 before reaching $38,000 after a series of waves.
Elliott Wave Theory, commonly used in technical analysis, predicts that the price of an asset follows a five-wave pattern in the main uptrend and a three-wave pattern in the correction.
As of the time of writing, the price of Bitcoin is trading above $36,813 for the first time since May 2022. According to recent data, the price of Bitcoin has increased by over 3.96% in the past 7 days and over 34% in the past 30 days.
Expecting Solana’s Rise to Reach $50
Bluntz, looking at the local asset of Solana (SOL), the 6th largest altcoin in terms of market capitalization after Bitcoin, pointed out that the altcoin, which is on investors’ radar, has taken a breather by breaking out of the descending channel after a significant consolidation period. According to the analyst, SOL may trade in the current range for a while before continuing its upward movement. The analyst’s initial target is for SOL to reach around $50 with a little over 10% increase.
Since mid-October, SOL has shown an increase of over 110% and is currently trading at $47.10 with a 8.60% increase in the last 24 hours at the time of writing this article.
