dailyhodl.com
A widely followed cryptocurrency analyst and trader is leaning bullish on a Solana (SOL) competitor while offering his forecast on Bitcoin and the layer-1 blockchain Saga (SAGA).
The analyst pseudonymously known as Bluntz tells his 275,300 followers on the social media platform X that Solana rival Sui (SUI) is set to rip after breaking out from the upper boundary of an ascending channel on the four-hour chart.
Bluntz also says that the breakout is coinciding with a surge in trading volume.
“SUI is seriously gonna continue to rip so hard from here, it’s legit free money in my opinion.
These slow grinding-up channel breakouts on volume almost always signal a strong impulse is underway.
The leaders continue to lead.”
Based on his chart, it appears that Bluntz is suggesting that SUI could surge to over $2.40, a gain of around 75% from the current level.
Sui is trading at $1.37 at time of writing, up by 58% from a low of $0.867 reached about a week ago.
Next up is Bitcoin (BTC). According to the pseudonymous analyst, Bitcoin could reach its cycle peak in late 2024 or early 2025.
Bluntz suggests that Bitcoin is forming a five-wave pattern that will culminate in a sudden surge to around $100,000.
According to Elliott Wave theory, the main price trend of an asset moves in waves of five while a correction occurs in three.
“Don’t fade this next BTC all-time high rip, this will be the last macro leg higher, you got about 3-4 more months to make as much money as possible.”
Bitcoin is trading at $62,706 at time of writing.
Next up is the native token of the layer-one blockchain Saga (SAGA). Bluntz says SAGA is currently in a “badass” bullish setup and its upside thesis is bolstered by the fact that the project is at a relatively low market cap while backed by venture capital.
Based on Bluntz’s chart, it appears that Saga is forming an inverted head and shoulders on the daily chart, a bullish pattern that suggests price failed to make a lower low due to sellers being exhausted.
Saga is trading at $2.35 at time of writing.
Generated Image: Midjourney