Bonk (BONK) Price Set For $0.00006 ATH, Predicts Analyst

Following a price spike to new highs in the past few months, the doggy-themed meme coin Bonk (BONK) has since declined and is now consolidating.

A Shiba Inu-themed meme coin, Bonk (BONK) has seen a price decline after a spike in the past few months. However, a crypto analyst has suggested that the meme coin could be breaking past a downward trend and preparing for a new All-Time High (ATH).

Bonk is undergoing a corrective Wave 3 move down, according to the crypto analyst. This could indicate a potential breakout and a move towards a new ATH for the meme coin.

According to Bluntz, a crypto analyst, Bonk had retraced 46.09% of its previous highs, which would complete corrective Wave C of the Elliott wave theory.

The three-wave correction structure in the Bonk price chart suggests a pullback phase, which is usually expected in market cycles. The analyst seems to have interpreted this price decline as a healthy correction within a bullish trend for Bonk.

While the Bonk price is currently trading at $0.000038, its chart indicates a potential resumption of its previous upward momentum to reach new ATHs at $0.00006.

Bluntz suggests that Bonk’s current price dip presents a rare buying opportunity for investors, indicating confidence in the meme coin’s bullish outlook. By the fifth wave, which could be around 2025, the analyst expects Bonk’s price to skyrocket, pushing its price towards the projected ATH.

The Relative Strength Index (RSI) indicator at the bottom of the chart also shows a reading around 45, suggesting that Bonk could soon enter oversold territory. This supports the theory of a potential price bounce.

Another crypto analyst, Sensei, has also shared a Bonk price prediction based on the Elliott Wave theory. The analyst compared Bonk’s price action to Bitcoin’s historical wave structure.

According to the analyst, Bonk was in an accumulation phase over the past year, where its price showed relative stability. However, the meme coin experienced a serious move upward after breaking out into the first wave of the Elliott wave cycle.

The analyst highlights a pullback in the second wave, where the price of Bonk consolidates and “weak hands” leave the market, as indicated by the price chart.

As expected, the analyst predicts that Wave 3 could push Bonk to a new ATH, as this wave is usually seen as the strongest. During Wave 4, Bonk is projected to experience another minor correction before surging above $0.0001, eliminating a zero from its current price and marking a new ATH in Wave 5.

Sensei drew parallels between Bonk’s wave structure and Bitcoin’s historical wave patterns, highlighting the similarities in their wave movements that could strengthen Bonk’s case for reaching a new ATH.