dailyhodl.com
A widely followed analyst and trader is leaning bullish on a blockchain oracle built in the Solana (SOL) ecosystem while offering his outlook on Bitcoin (BTC) and Dogecoin ($DOGE).
Pseudonymous crypto trader Bluntz tells his 290,400 followers on the social media platform X that the native token of Solana-based blockchain oracle Pyth Network ($PYTH) is primed for a strong bullish movement.
“God candle loading on $PYTH.
Perfectly rounded bottom with three months of accumulation.
Currently flirting with the final boss as far as accumulation resistance goes [just below the $0.50 price] and once cleared, clear skies ahead.
Solana beta is about to start getting some love again in my opinion.”
$PYTH is trading at $0.399 at time of writing.
Moving on to the flagship digital asset, Bluntz – who regularly utilizes Elliott Wave theory in his technical analysis – says that Bitcoin “should pop higher” after undergoing a brief correction in a three-wave pattern.
Elliott Wave theory states that the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.
Based on the analyst’s chart, it appears Bluntz is suggesting that Bitcoin could hit a new all-time high price of just under $80,000 in the first few days of November.
“I see lots of election volatility fear posts popping up and I don’t think the fear is unfounded, but I do think that election volatility will rear its head from higher up.”
Bitcoin is trading at $72,054 at time of writing.
Concluding with popular meme asset $DOGE, the trader says its primed to go higher after enjoying an accumulation period of over two years.
“Many will succumb to selling $DOGE too early, despite getting in at these low levels.
This is a consequence of 874 days of accumulation, recondition your brain, bullieve in something.”
Dogecoin is trading at $0.171 at time of writing.
Generated Image: Midjourney