Top Analyst Says Bitcoin Primed for a Parabolic Rally, Updates Outlook on Solana and One Other Ethereum Rival

A widely followed crypto analyst and trader is updating his forecast on three digital assets.

Starting with Bitcoin (BTC), pseudonymous crypto strategist Bluntz tells his 244,800 followers on the social media platform X that the flagship crypto asset will rally significantly once it breaches the resistance level of around $69,000.

“BTC already had a 14% pullback from that all-time high, the next attempt sends us parabolic in my opinion.”

Bitcoin is trading at $67,106 at time of writing, up by around 14% from its seven-day low of $59,000. Bitcoin plummeted to $59,000 hours after revisiting the all-time high level of $69,000.

Turning to the fifth-largest crypto asset by market cap, Bluntz says that an upward impulse for Solana (SOL) feels “imminent”.

Based on the analyst’s chart of the Solana/US dollar pair, it appears that he is suggesting that the Ethereum (ETH) rival has completed four waves of an upward-facing five-wave bullish pattern on the daily chart and could go as high as $200.

According to the Elliott Wave theory, the main trend of the price of an asset moves in a five-wave pattern while a correction occurs in a three-wave pattern.

Solana is trading at $142 at time of writing.

Concerning the Solana/Bitcoin pair, it appears that the analyst is suggesting that SOL/BTC has completed a downward-facing three-wave pattern on the daily chart and is now about to resume the main upward trend.

Solana is trading at 0.00212200 BTC at time of writing.

Next up is decentralized finance (DeFi) platform Sei (SEI). Bluntz says that SEI has demonstrated a strong reversal at the 0.618 Fibonacci retracement level, signifying a potential bullish move ahead.

Fibonacci retracements are thought to represent natural resistance and support levels with some of the most commonly used ones being 0.382, 0.5 and 0.618.

SEI is trading at $0.809 at time of writing.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Top Analyst Says Bitcoin Primed for a Parabolic Rally, Updates Outlook on Solana and One Other Ethereum Rival appeared first on The Daily Hodl.