An analyst known for his crypto bottom calls thinks memecoin Pepe (PEPE) and a challenger to Solana (SOL) are gearing up for breakout rallies.
Pseudonymous analyst Bluntz tells his 273,500 followers on social media platform
“There are a lot of altcoins with blatant accumulation happening here, which in my opinion is extremely difficult to be bearish on.
SEI and PEPE are some of the highlights in my opinion.”
Looking at SEI, the trader seems to suggest that the Solana rival has broken the rounding bottom pattern. The technical formation is often seen as a bullish reversal pattern because it indicates that investors have accumulated the assets without the price moving lower.
At the time of writing, SEI is trading at $0.30, down 1.44% on the day.
As for PEPE, the trader shares a chart indicating that the meme token has broken out of an inverted head-and-shoulders pattern, another bullish reversal formation. The pattern coincides with the conclusion of an ABC correction wave, which indicates that an asset is poised for a rise.
“PEPE comes in hot with the accumulation break.”
At the time of writing, PEPE is worth $0.0000078, down 1.2% in the last 24 hours.
As for Bitcoin, the analyst believes that BTC is poised to spark a rally amid increasing liquidity injections from the Federal Reserve.
“You didn’t abolish the Fed’s liquidity injection because ‘mUH SEPTemBeR is typical BeariSh’, did you? BTC.”
Traders typically view the influx of liquidity as a bullish signal, as it indicates that more capital can be invested in risky assets such as Bitcoin and crypto.
Bluntz previously predicted that Bitcoin will rise to a new all-time high around $100,000.
“Still my base case for BTC: In my opinion, bears are about to be killed.”
At the time of writing, Bitcoin is trading at $60,200, down slightly in the past 24 hours.
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Generated image: Midjourney