A popular cryptocurrency analyst known in the space for accurately predicting the cryptocurrency market bottom during the 2018 bear market has recently said the price of Solana ($SOL) is “gearing up for a violent breakout.”
In a post shared on the microblogging platform X (formerly known as Twitter) with over 250,000 followers, the popular pseudonymous cryptocurrency analyst that goes by Bluntz Capital on the platform showed a Solana price chart showing the cryptocurrency making higher lows after forming three corrective waves.
Bluntz utilizes the Elliott Wave Theory, a technical analysis framework that suggests an asset’s price movement unfolds in a specific, five-wave pattern. Elliott Wave Theory, a popular form of technical analysis, postulates that market trends unfold in repetitive cycles driven by investor psychology. These cycles typically consist of a five-wave progression in the direction of the prevailing trend, followed by a three-wave corrective phase.
Ralph Nelson Elliott developed the Elliott Wave theory in the 1920s after he observed and identified “recurring, fractal wave patterns.” These fractal wave patterns are based on the psychology of the masses.
The popular analyst has recently revealed he believes the price of Bitcoin will reach a new all-time high “within the next 1-2 weeks,” after predicting Bitcoin’s “max pain scenario,” which would occur before the “real run up.” On the microblogging platform, the analyst revealed the scenario would be for BTC to lose its recent high and while doing so see investors buy the dip expecting it to keep on rising as they “think its some kind of triangle breakout.”
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.
