A widely followed crypto analyst says a Bitcoin (BTC) token that has soared in recent weeks still has more upside potential.
Pseudonymous crypto strategist Bluntz tells his 254,300 followers on social media platform
In technical analysis, a breakout on the upper edge of an ascending channel is considered a bullish move.
PUPS is trading at $78 at the time of writing, up a whopping 4,656% from the March 17 low of $1.64.
The Bluntz chart below indicates that PUPS shows a similar pattern to that of Nosana (NOS), a decentralized crowd-computing protocol, before it broke out earlier this year.
The analyst also offers his prediction on Bitcoin. According to Bluntz, Bitcoin appears to reflect gold’s consolidation around the precious metal’s all-time highs. He shares the two-week chart of gold, which shows that the precious metal traded within a range for four years before breaking out and hitting record highs.
He notes that BTC may follow a similar pattern, but on an accelerated timeline.
He also predicts that gold is likely to emerge climb to $4,000, due to concerns about inflation.
At the time of writing, gold is trading at $2,343, while Bitcoin is worth $66,722.
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Generated image: DALLE3