BONK About To Enter 3rd Wave, Analyst Reveals Next Target
August 26 2024 - 7:30AM
NEWSBTC
Crypto analyst Man of Bitcoin recently provided insights into
Bonk’s (BONK) trajectory using the Elliot Wave Theory. As part of
his analysis, the analyst revealed how high the Solana meme coin
could rise on its next leg up. BONK To Rise To $0.000027 On
Next Leg Up In an X (formerly Twitter) post, Man Of Bitcoin
predicted that BONK would reach $0.000027 in the third wave of his
Elliot Wave analysis. The analyst noted that BONK already broke
above the first wave of $0.000022, which confirms that it can
indeed make such an impulsive move to that price level.
Related Reading: Crypto Analyst Sounds Alarm: Here’s Why It’s Your
‘Last Chance To Buy Bitcoin’ BONK looks to have already completed
the corrective Wave 2 move, seeing how it has recovered from the
$0.0000167 price level, which the analyst highlighted as the bottom
during this price correction. Moreover, from the chart that Man of
Bitcoin shared, BONK’s rise to $0.000027 is expected to happen
sometime in September. Once that impulsive move to $0.000027
is over, BONK is expected to experience another price correction,
dropping to $0.000023 this time around. Meanwhile, Man Of Bitcoin
offered a much more bullish prediction for BONK, with his chart
showing that the fifth largest meme coin by market cap will rise to
$0.000029 on its fifth wave. A rise to that price level is
still well below its current all-time high (ATH) of $0.000047,
reached in March earlier this year. However, there is no doubt that
it could reach price level again and even rise higher, especially
with crypto analysts like Quinten François suggesting that the bull
run has yet to begin. It is worth mentioning that BONK hit its ATH
around the time Bitcoin hit its ATH of $73,000. As such, BONK could
hit a new ATH as the flagship crypto reaches a new ATH. Other
Bullish Predictions For The Meme Coin Crypto analyst Jacob Canfield
has also provided a bullish prediction for BONK, stating that the
meme coin’s market cap could reach between $5 billion and $10
billion. He made this statement based on his bullish outlook for
Solana, which he believes can reach a minimum target of $600 and a
maximum target of $1,700 in this bull run. Related Reading:
Bullish XRP Analyst Eyes $7.50 If Crypto Breaks Resistance Crypto
analyst Sleek Crypto noted that BONK still has plenty of room to
run in this market cycle and predicted that the meme coin could
delete two zeros and rise to as high as $0.0011. Meanwhile, crypto
analyst Zer0 stated that BONK has the potential to pull a 20 to 50x
before the end of this cycle. At the time of writing, BONK is
trading at around $0.00002072, up over 1% in the last 24 hours,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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