Bluntz, a cryptocurrency analyst and trader known for predicting Bitcoin‘s bottom price in 2018, has suggested that Ethereum’s biggest competitor, Solana, is preparing for a strong rally. The analyst shared his expectations for both ETH and BTC.
Solana Could Experience a $100 Rally
Bluntz believes that Solana is on the verge of replicating Bitcoin’s strong rally earlier this year. According to his price chart, he expects the smart contract platform to reach a level close to $100 by October if it follows the scenario it has set:
To be honest, I plan to be a Solana maximalist for the next few months. SOL has made one of the cleanest upward channel breakouts I’ve seen since Bitcoin reached $18,000 in January.
At the time of writing, SOL was trading at $26.26 with a 2.74% increase in the last 24 hours. The coin had suffered a heavy blow from the collapse of the FTX exchange, dropping to as low as $8 on December 29, 2022.
Transitioning to Ethereum after analyzing Solana, Bluntz expects the leading altcoin to make a significant breakout rally against Bitcoin (ETH/BTC). He stated, “The wedge that has been holding ETH/BTC for about a year has been broken. The future looks magnificent. Regardless, I expect it to have already bottomed out and make a strong move above 0.07 BTC ($2,101). I don’t think enough investors will be ready for this and they will be caught unprepared.”
The price chart shared by the analyst indicates that he predicts the ETH/BTC pair to rise as high as 0.112 BTC ($3,362). At the time of writing, the ETH/BTC pair was at 0.06337 BTC ($1,902).
Two Bullish Scenarios for Bitcoin
After discussing ETH/BTC, Bluntz quickly evaluated Bitcoin and believes that the largest cryptocurrency will experience a bounce back after briefly dropping below $30,000:
The lower time frames on BTC are definitely promising. After testing the lower end of its higher time frame range, we are reclaiming the range that was broken on the lower time frame. The worst-case scenario is a few days of upside. In my opinion, the best-case scenario is marching towards new highs.
