A widely followed crypto analyst says one Bitcoin (BTC) ordinals token that has skyrocketed in the last few weeks still possesses more upside potential.
Pseudonymous crypto strategist Bluntz tells his 254,300 followers on the social media platform X that he has entered a long position on PUPS (Ordinals) amid an ascending channel breakout on the token’s four-hour chart.
In technical analysis, a breakout occurring on the upper border of an ascending channel is considered a bullish move.
PUPS is trading at $78 at time of writing, up a staggering 4,656% from its March 17th low of $1.64.
Bluntz chart below indicates that PUPS is exhibiting a similar pattern to that formed by Nosana (NOS), a decentralized crowd-computing protocol, before it broke out earlier in the year.
The analyst also offers his prediction on Bitcoin. According to Bluntz, Bitcoin appears to be mirroring gold’s consolidation around the precious metal’s all-time highs. He shares gold’s two-week chart showing that the precious metal traded within a range for four years before breaking out and printing record highs.
He notes that BTC may follow a similar pattern but on an accelerated timeline.
He also predicts that gold will likely climb to as high as $4,000 on the back of inflation concerns.
At time of writing, gold is trading at $2,343 while Bitcoin is worth $66,722.
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