A top cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000 has recently suggested that the price of smart contract platform NER Protocol ($NEAR) could soon explode upward to around $10.5.
The pseudonymous trader Bluntz Capital shared with their over 250,000 followers a chart on the microblogging platform X (formerly known as Twitter) showing that NEAR, which is trading at around $6.5 at the time of writing, could surge to surpass the $10 mark over the next few weeks.
The analyst’s prediction is based on Elliott Wave theory. In the 1920s, Ralph Nelson Elliott formulated the Elliott Wave theory, a concept that emerged from his observation and identification of “recurring, fractal wave patterns.” These patterns are grounded in psychology of the masses, and the interpretation of the Elliott Wave theory typically involves five waves that move in line with the primary market trend, which could be either bullish or bearish, and by three corrective waves.
The theory posits that these patterns repeat themselves, enabling the prediction of asset price movements. Elliott’s theory gained prominence when he accurately forecasted the stock market’s bottom in 1935 following a 13-month correction.
NEAR Protocol, according to Coinbase, is a layer-1 blockchain that “functions as a community-run cloud computing platform.” It’s a scalable network that supports smart contracts and decentralized applications, in which NEAR is used to pay for network fees.
It’s worth noting Bluntz is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.
Featured image via Unsplash.
