A crypto analyst who accurately called the bottom of the 2018 Bitcoin (BTC) bear market is flipping bullish on an altcoin running on the Ethereum (ETH) network.
Pseudonymous analyst Bluntz tells his 232,400 followers on the social media platform X that Chainlink (LINK) is flashing multiple bullish reversal signals on the eight-hour chart.
The analyst predicts that LINK could rally to a level last seen in January 2022.
“Ok LINK swept $13.9 one final time and made the fifth wave down for C and beautiful high time frame bullish divergence as well.
I believe this is a major wave four low now in.
$20 en route, RIP anyone who capitulated.”
Bluntz utilizes the Elliott Wave theory, a technical analysis method that attempts to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset goes through a five-wave rally with each wave having its own sub-waves.
At time of writing, LINK is trading for $14.57, suggesting an over 37% surge if it hits Bluntz’s target.
Looking at the smart contract platform Solana (SOL), Bluntz thinks that the altcoin is gearing up to break out against Bitcoin (SOL/BTC), indicating that its US dollar pair will likely see steep rallies.
“SOL/BTC trying to break this most recent bull flag after chilling for a few days.
When this 37-day range breaks, SOL is going to gigasend. It will probably be the steepest leg yet.
Don’t listen to the bear posters fam, they hate money.”
At time of writing, SOL/BTC is trading for 0.0017526 BTC ($75), very close to the trader’s resistance area at 0.0018 BTC ($77.06).
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Generated Image: Midjourney
