Trader Updates Outlook on Altcoin That’s Exploded 16,190% in Under Three Months, Says Bitcoin To Fall Further

A widely followed crypto strategist believes that a new altcoin that has posted astronomical gains in just a few months looks poised to spark a fresh leg up.

The trader pseudonymously known as Bluntz tells his 308,000 followers on the social media platform X that the native token of ai16z (AI16Z), the decentralized investment platform powered by artificial intelligence (AI), “looks really good” after a 50% correction that occurred in a three-wave pattern.

The analyst follows the Elliott Wave theory, which states that an asset may witness a five-wave rally after completing an ABC retracement.

According to Bluntz, AI16Z is gearing up for the last leg of its larger five-wave surge en route to a new all-time high above $3.

AI16Z is trading at $1.66 at time of writing, up by around 16,190% from the November 3rd low of $0.01019.

Next up is Bitcoin (BTC). According to the analyst, Bitcoin could plunge to an immediate support level and complete its ABC correction before rising to a new all-time high.

Bitcoin is trading at $94,900 at time of writing.

Next up is the AI-powered market intelligence platform aixbt by Virtuals (AIXBT). Bluntz says that AIXBT has enjoyed a “monster uptrend from inception” and is primed to rally higher to complete a five-wave pattern on the 12-hour time frame that started in December.

AIXBT is trading at $0.564 at time of writing.