Analyst Predicts Big Gains for BNB and Upcoming Bitcoin Breakout

A prominent analyst known for accurately predicting Bitcoin's (BTC) bottom in 2018 is now bullish on BNB, a leading cryptocurrency by market cap.

The analyst, who goes by Bluntz on X, has shared that BNB’s weekly chart shows promising signs for future growth.

$bnb has one of the cleanest high timeframe charts here imo.

consolidation under prior ATH with a sweep of both the top of the range and bottom of the range and has now reclaimed it.

these setups are T1 setups imo and weve been handed one on an extremely high timeframe.

legit… pic.twitter.com/XXmWaeHfan

— Bluntz (@Bluntz_Capital) August 21, 2024

Bluntz believes that BNB, currently priced at $583, could potentially rise by around 72% soon, despite being approximately 18% below its peak of $717 from early June. He describes the current setup as highly favorable, suggesting that a target of $1000 might be achievable in the near future.

Regarding Bitcoin, Bluntz observes that the cryptocurrency’s recent consolidation phase is nearing its end. He notes that Bitcoin has repeatedly tested resistance at around $62,096, indicating a likely breakout ahead.

According to Bluntz, Bitcoin may be forming an inverse head and shoulders pattern on the four-hour chart, which is often seen as a bullish indicator.