Bitcoin and the two memecoins, dogwifhat (WIF) and Popcat (POPCAT), have been the talk of the town lately, especially with the recent bounce in crypto prices. A well-known analyst and trader who goes by the pseudonym Bluntz has shared his insights on the current market conditions and what we can expect in the coming days.
Bluntz, who is followed by a large audience of 284,000 on the social media platform X, believes that Bitcoin could be due for a correction before it continues its upward trend. According to his analysis using the Elliott Wave theory, Bitcoin’s recent rally of over 15% from its October low has followed a five-wave pattern. Bluntz suggests that a correction may be on the horizon, with Bitcoin potentially reaching around $62,000 before attempting a breakout next week.
In terms of the memecoins WIF and POPCAT, which are part of the Solana (SOL) ecosystem, Bluntz has identified bearish divergences on the daily time frame. A bearish divergence occurs when the price of an asset makes higher highs while technical indicators like the Relative Strength Index (RSI) show lower highs. Despite these bearish signals, Bluntz remains optimistic about these coins and is looking for potential buying opportunities when the time is right.
At the time of writing, Bitcoin is trading at $67,710, while WIF is priced at $2.63 and POPCAT at $1.25. Both memecoins have seen significant gains over the past 30 days, with WIF up by around 75% and POPCAT up by over 80%.
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