dailyhodl.com
An analyst known for making crypto bottom calls thinks that memecoin Pepe (PEPE) and one Solana (SOL) challenger are gearing up for breakout rallies.
Pseudonymous analyst Bluntz tells his 273,500 followers on the social media platform X that PEPE and Sei (SEI) are among the market’s leaders after breaking out of bullish reversal patterns.
“Many altcoins with blatant in-your-face accumulation going on here, extremely hard to be bearish in my opinion.
SEI and PEPE are some standouts, in my opinion.”
Looking at SEI, the trader appears to suggest that the Solana rival has broken out from a rounding bottom pattern. The technical formation is often viewed as a bullish reversal pattern as it indicates that investors have accumulated the asset without allowing the price to move lower.
At time of writing, SEI is trading for $0.30, down 1.44% on the day.
As for PEPE, the trader shares a chart suggesting that the meme token has broken out from an inverse head-and-shoulders pattern, another bullish reversal formation. The pattern coincides with the conclusion of an ABC corrective wave, which suggests that an asset is poised for a surge.
“PEPE coming in hot with the accumulation break.”
At time of writing, PEPE is worth $0.0000078, a 1.2% decrease in the last 24 hours.
Turning to Bitcoin, the analyst believes that BTC is close to sparking rallies amid rising liquidity injections from the Federal Reserve.
“You didn’t fade the Fed liquidity injection because of ‘mUH SePTemBeR iS TypIcaLLy BeARiSh’ did you anon? BTC.”
Traders typically see liquidity influxes as a bullish signal as it indicates that there’s more capital that could be invested in risk assets such as Bitcoin and crypto.
Bluntz previously predicted that Bitcoin will rally to a new all-time high around the $100,000 level.
“Still my base case for BTC, bears are about to get murdered in my opinion.”
At time of writing, Bitcoin is trading for $60,200, a slight dip in the last 24 hours.
Generated Image: Midjourney