Crypto Trader Bluntz Forecasts Rallies for PYTH and BONK Amid Market Correction

A closely followed crypto trader and Elliott Wave specialist is forecasting rallies for several altcoins amid a correction in the digital asset markets.

A widely followed crypto trader and Elliott Wave specialist is predicting rallies for several altcoins as the digital asset markets experience a correction.

The pseudonymous trader, known as Bluntz, recently updated his 304,000 followers on the social media platform X, highlighting several technical setups that he believes could lead to upcoming surges.

First on Bluntz’s radar is the utility token for decentralized oracle service Pyth Network (PYTH). According to the trader’s chart, PYTH appears to have broken out of a bull flag pattern, suggesting an upcoming rally.

Bluntz’s chart also suggests that PYTH is currently engaged in a five-wave impulse, which could propel the token to around the $0.50 level.

“Solana ecosystem looking good again, nice bull flag PYTH breakout.

Looking impulsive.”

Bluntz employs Elliott Wave theory in his analysis, which postulates that a bullish asset tends to experience a five-wave advance, followed by an ABC correction. Based on the trader’s chart, he seems to suggest that PYTH is completing its fifth wave after the bull flag breakout.

At the time of writing, PYTH is valued at $0.431.

The crypto trader is also keeping a close eye on memecoins, which Bluntz believes are setting the stage for a revival that will “catch a few off guard.”

Among the tokens mentioned by the trader is Bonk (BONK), a Solana-based memecoin that has surged over 2,000% since launching in late December. According to Bluntz, BONK is displaying signs of completing an ABC-wave correction, which could indicate an upcoming rally.

“Three waves down from the highs.

Solana memecoins might be setting up for another wave up to catch a few off guard.”

Bluntz’s chart suggests that BONK could rally to around $0.00007 before completing its five-wave advance.

At the time of writing, BONK is trading at $0.0000347.

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