Crypto analyst Man of Bitcoin recently shared his thoughts on the trajectory of Bonk (BONK) using the Elliot Wave Theory. According to his analysis, the meme coin could potentially reach $0.000027 in the third wave of the Elliot Wave pattern. This prediction is based on BONK already breaking above the first wave of $0.000022, indicating a potential impulsive move to that price level. Man of Bitcoin also highlighted that the corrective Wave 2 seems to have been completed, with BONK recovering from its low of $0.0000167 during the price correction period. The chart shared by Man of Bitcoin suggests that the rise to $0.000027 could occur sometime in September.
Future Price Predictions
Once BONK reaches the $0.000027 price level, it is expected to undergo another price correction, dropping to $0.000023. However, Man of Bitcoin offered a more bullish outlook for BONK, suggesting that the meme coin could rise to $0.000029 in its fifth wave. Despite this potential increase, it is important to note that $0.000029 is still below BONK’s current all-time high of $0.000047, which was reached earlier this year in March. With analysts like Quinten François hinting that the bull run has not yet started, there is a possibility for BONK to surpass its previous ATH.
Other Analysts’ Predictions
In addition to Man of Bitcoin’s analysis, other crypto experts have weighed in on the future of BONK. Jacob Canfield projected a bullish scenario for the meme coin, suggesting that its market cap could potentially reach between $5 billion and $10 billion. Canfield’s optimism is based on his positive outlook for Solana, which he believes could reach a target price range of $600 to $1,700 in the current bull market. Meanwhile, Sleek Crypto expressed confidence in BONK’s potential for growth, predicting that the meme coin could potentially rise to $0.0011 by deleting two zeros.
The future of Bonk (BONK) remains uncertain but optimistic according to various crypto analysts. While some predict modest gains for the meme coin, others foresee significant price appreciation in the coming months. As the cryptocurrency market continues to evolve, it will be interesting to see if BONK can reach and exceed its previous all-time high, paving the way for new ATHs in the future.
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