A widely followed cryptocurrency analyst and trader is turning bullish on a red-hot large-cap altcoin.
The analyst, pseudonymously known as Bluntz tells According to its 296,200 followers on social media platform X, memecoin Pepe (PEPE) could rise more than 35% from its current value.
The trader says Pepe appears to have printed a local bottom after completing an ABC correction wave on the one-hour chart.
He uses the Elliott Wave theory, which states that a bullish asset often witnesses a new rise after a three-part ABC correction.
“Daily reminder that Pepe is going to turbo steer. Raise your goals.”
Looking at his chart, the trader suggests that Pepe could rise to $0.00002800.
He suggests Pepe starts to break out and is able to complete a five wave pattern upwards.
“There are certainly many people looking for that perfect Pepe [to an] all-time high retest. It would be a shame if the turbo-five wave reversed from here.”
Pepe is trading at $0.00002064 at the time of writing, up more than 160% from the low of $0.00000775 on November 5.
Then the analyst suggests that Bitcoin (BTC) is in the midst of a major wave of five that could send it to $180,000, a gain of more than 83% from its current value.
“I see a lot of talk about $100,000 BTC as a magic line in the sand that we will reject. In my opinion, $100,000 will be easily eaten, there are still plenty of legs to go within this macro wave five.”
Bitcoin is trading at $98,057 at the time of writing, up 4% in the past 24 hours.
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