BONK About To Enter 3rd Wave, Analyst Reveals Next Target
Crypto analyst Man of Bitcoin recently provided insights 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 rise on its next leg up.
BONK To Rise To $0.000027 On Next Leg Up
In an X (formerly Twitter) post, Man Of Bitcoin predicted that BONK would reach $0.000027 in the third wave of his Elliot Wave analysis. The analyst noted that BONK already broke above the first wave of $0.000022, which confirms that it can indeed make such an impulsive move to that price level.
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BONK looks 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. Moreover, from the chart that Man of Bitcoin shared, BONK’s rise to $0.000027 is expected to happen sometime in September.
Once that impulsive move to $0.000027 is over, BONK is expected to experience another price correction, dropping to $0.000023 this time around. Meanwhile, Man Of Bitcoin offered a much more bullish prediction for BONK, with his chart showing that the fifth largest meme coin by market cap will rise to $0.000029 on its fifth wave.
A rise to that price level is still well below its current all-time high (ATH) of $0.000047, reached in March earlier this year. However, there is no doubt that it could reach price level again and even rise higher, especially with crypto analysts like Quinten François suggesting that the bull run has yet to begin. It is worth mentioning that BONK hit its ATH around the time Bitcoin hit its ATH of $73,000. As such, BONK could hit a new ATH as the flagship crypto reaches a new ATH.
Other Bullish Predictions For The Meme Coin
Crypto analyst Jacob Canfield has also provided a bullish prediction 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 for Solana, which he believes can reach a minimum target of $600 and a maximum target of $1,700 in this bull run.
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Crypto analyst Sleek Crypto noted that BONK still has plenty of room to run in this market cycle and predicted that the meme coin could delete two zeros and rise to as high as $0.0011. Meanwhile, crypto analyst Zer0 stated that BONK has the potential to pull a 20 to 50x before the end of this cycle.
At the time of writing, BONK is trading at around $0.00002072, up over 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
