Crypto analyst Man of Bitcoin recently provided insight 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 take off on its next leg.
BONK rises to $0.000027 in the next move up
In an X (formerly Twitter) post, Man Of Bitcoin predicted that BONK would reach $0.000027 in its third wave Elliot Wave Analysis. The analyst noted that BONK has already broken above the first wave of $0.000022, confirming that it can indeed make such an impulsive move towards that price level.
Related reading
BONK seems 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. Furthermore, the graph shared by Man of Bitcoin shows: BONK rises to $0.000027 expected to happen sometime in September.
Once that impulsive move towards $0.000027 is over, THUMP Another price correction is expected to occur, this time falling to $0.000023. Meanwhile, Man Of Bitcoin made a much more bullish prediction for BONK, with its chart showing that the fifth largest meme coin by market cap will rise to $0.000029 during its fifth wave.
An increase to that price level is still well below current levels all-time high (ATH) of $0.000047, reached in March earlier this year. However, there is no doubt that the price level could reach again and rise even higher, especially with crypto analysts like Quinten François. suggestive that the bull run has yet to begin. It is worth noting that BONK reached its ATH around the time Bitcoin reached its ATH of $73,000. As such, BONK could reach a new ATH if the flagship crypto reaches a new ATH.
Other bullish predictions for the Meme Coin
Crypto analyst Jacob Canfield also has as long as a bullish forecast 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 Solanawhich he believes can achieve a minimum target of $600 and a maximum target of $1,700 in this bull run.
Related reading
Crypto analyst Sleek Crypto took notice THUMP still has plenty of room in this market cycle and predicted that the meme coin could wipe out two zeros and rise to $0.0011. Meanwhile, crypto analyst Zer0 declared that BONK has the potential to achieve 20 to 50x gains before the end of this cycle.
At the time of writing, BONK is trading around $0.00002072, up more than 1% in the last 24 hours, according to facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com