Bluntz, a well-known cryptocurrency analyst and trader, is confident that a top-10 altcoin in terms of market capitalization is poised for a significant rally from its current position. With a following of 260,900 on the social media platform X, Bluntz, who goes by a pseudonym, predicts that BNB, the utility token for the BNB Chain ecosystem, will soon surpass the $1,000 mark.

According to Bluntz’s analysis of BNB on a weekly timeframe chart, it seems that the analyst, who occasionally uses the Elliott Wave theory in technical analysis, anticipates BNB to reach approximately $1,200 in a five-wave pattern, marking a potential 71% increase from its current value. The Elliott Wave theory suggests that asset prices move in a five-wave pattern during the main trend, followed by a correction in a three-wave pattern.

As of now, BNB is trading at $700, slightly below its all-time high of $710 recorded on June 5th. Moving on to the Ethereum/Bitcoin (ETH/BTC) pair, Bluntz notes that the recent downward movement, triggered by a bearish divergence on the 12-hour timeframe chart of ETH/BTC, seems to have come to a halt.

A bearish divergence occurs when the price of an asset rises while an indicator, such as the Relative Strength Index (RSI), trends downwards. Bluntz expresses optimism for a significant price movement in the near future, leaning towards an upward trajectory.

At the time of writing, Ethereum (ETH) is trading at 0.05358 BTC, equivalent to $3,802. To stay updated on cryptocurrency news and price action, subscribe to receive email alerts directly to your inbox. Remember to conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl does not provide investment advice and is not liable for any losses incurred. Please trade responsibly and be aware of the risks involved in the volatile cryptocurrency market.