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.
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Generated Image: Midjourney