Top analyst says Bitcoin primed for parabolic rally, updates outlook on Solana and another Ethereum rival
A widely followed crypto analyst and trader updates his forecast for three digital assets.
Starting with Bitcoin (BTC), pseudonymous crypto strategist Bluntz shares with his 244,800 followers on the social media platform
“BTC has already had a 14% decline from this all-time high, the next attempt sends us parabolic in my opinion.”
Bitcoin is trading at $67,106 at the time of writing, up about 14% from its seven-day low of $59,000. Bitcoin plunged to $59,000 for hours after hitting another all-time high of $69,000.
Looking at the fifth-largest crypto asset by market cap, Bluntz says bullish momentum for Solana (SOL) is “imminent.”
Based on the analyst's chart for the Solana/US dollar pair, it appears to indicate that its Ethereum (ETH) rival has completed four waves of an upward five-wave bullish pattern on the daily chart and could rise as high as 200 $.
According to Elliott Wave Theory, the main trend of an asset's price moves in a five-wave pattern, while a correction occurs in a three-wave pattern.
Solana is trading at $142 at the time of writing.
Regarding the Solana/Bitcoin pair, the analyst seems to indicate that SOL/BTC has completed a downward three-wave pattern on the daily chart and is now about to resume the main uptrend.
Source: Bluntz
At the time of writing, Solana is trading at 0.00212200 BTC.
Next comes the decentralized finance (DeFi) platform Sei (SEI). According to Bluntz, SEI has shown a strong reversal at the 0.618 Fibonacci retracement level, indicating a possible upward move.
Fibonacci retracements are believed to represent natural resistance and support levels, with some of the most commonly used values being 0.382, 0.5, and 0.618.
Source: Bluntz
At the time of writing, SEI is trading at $0.809.
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