An analyst known for accurately predicting market bottoms in the cryptocurrency space believes that meme coin Pepe (PEPE) and a competitor of Solana (SOL) are poised for significant breakout rallies.
Bluntz, a pseudonymous analyst, recently shared with his 273,500 followers on X that PEPE and Sei (SEI) are showing strong signs of bullish momentum after breaking out of key reversal patterns.
“Many altcoins are showing clear signs of accumulation, making it extremely difficult to maintain a bearish outlook. SEI and PEPE are particularly noteworthy in my opinion.”
Examining SEI, Bluntz suggests that the Solana competitor has broken out of a rounding bottom pattern, a bullish reversal formation indicating strong accumulation by investors. SEI is currently trading at $0.30, showing a slight 1.44% decrease.
Regarding PEPE, the analyst shared a chart indicating that the meme token has broken out of an inverse head-and-shoulders pattern, another bullish signal. This pattern, combined with the conclusion of an ABC corrective wave, suggests that PEPE is poised for a significant price surge.
“PEPE showing strong signs of accumulation breakout.”
PEPE is currently valued at $0.0000078, experiencing a 1.2% decrease in the last 24 hours.
Shifting focus to Bitcoin, Bluntz believes that the leading cryptocurrency is on the verge of initiating significant rallies due to increased liquidity injections from the Federal Reserve.
“Don’t underestimate the impact of Fed liquidity injections on BTC. Bears are in for a rough ride.”
Liquidity influxes are generally considered bullish signals, indicating increased capital available for investment in assets like Bitcoin. Bluntz has a strong conviction that Bitcoin will reach a new all-time high around the $100,000 mark.
“My primary scenario for BTC is a surge to new highs. Bears beware.”
Bitcoin is currently trading at $60,200, showing a slight decline in the past 24 hours.
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Generated Image: Midjourney