The famous analyst, who accurately predicted the recent declines in Bitcoin and Ethereum, analyzed the current situation in the markets and shared his prediction for the altcoin that is ready to explode.
Using the pseudonym Benjamin Blunts, the analyst shared his views on the current state of Ethereum and stated that the current situation in ETH is the lowest level.
“I think we’ve hit the lows of a major correction and we probably won’t go any lower from here. Following this bottoming, ETH will reach its highest levels.”
Highlighting Ethereum’s bullish price action in July, the analyst noted that the crypto asset has completed a five-wave bullish pattern from the Elliot Waves theory. Elliot Waves theory is a trading method that aims to predict future price movements using herd psychology, which manifests itself on charts through a series of waves.
According to the theory, an asset experiences a significant pullback (wave ABC) after completing five wave cycles in an uptrend. According to CoinGecko, since the pullback, ETH has rebounded steadily and was trading at $3,150 at the time of writing (although Ethereum’s current price dropped significantly after news from China).
“I expect a new kind of impulsive move from here, similar to this five-wave upswing to all-time highs…” The analyst says that Bitcoin is very similar to Ethereum and will likely go higher after an ABC wave correction.
The analyst also says that smart contract platform Solana (SOL) is bullish and he assumes it will have one of the strongest rebounds in the altcoin market. “When BTC and ETH are at the bottom, SOL will recover the hardest. [ve] I think it will reach an all-time high and start to take place at these levels.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.