Widely Followed Crypto Analyst Leans Bullish on a Large-Cap Altcoin

A widely followed cryptocurrency analyst and trader is leaning bullish on a large-cap altcoin amid a correction that has seen Bitcoin (BTC)

Cryptocurrency analyst and trader Benajmin Biur runs the popular blog "Biur's Bits," where he provides valuable insights into the world of crypto. In a recent post, Benjamin shared his observations on BNB, highlighting the possibility of a 25% surge from the current levels.

According to Benjamin, BNB could be heating up for "one final leg" to reach a new all-time high. As seen in the weekly chart below, which includes fib levels, we're currently at the tail end of a five-wave pattern (in black) that began in mid-2023.

Each main trend, whether bullish or bearish, occurs in a five-wave pattern, while a correction takes place in a three-wave pattern. According to the chart, fib levels suggest that BNB could hit a price of around $900 to complete the fifth wave of the main bullish trend.

For those unfamiliar, the Elliott Wave theory, a technical analysis method, predicts market movements based on a series of five-wave impulses and three-wave corrections.

"If BTC is going to bounce it should be from right here now that both sides of the range have been taken. And if not, well better to not talk about that," added Benjamin.

Bitcoin is trading at $88,504 at the time of writing, up slightly from the three-month low of around $86,050 reached earlier this week.