A closely watched crypto analyst updates his view on a meme asset that has seen staggering gains over the past year.
In a new strategy session, crypto trader Altcoin Sherpa tells his 222,900 followers on the social media platform X that Popcat (POPCAT), a memecoin that is up 23,000% this year, and other alts are looking bullish for the first time in months.
“You can still see these shifts in market structure today in coins like POPCAT and many other shitcoins. The trend is bullish for the first time in months and you should be able to buy dips on some of these.”
According to Sherpa, cat-themed memecoins will likely have some to overtake to do against dog-themed memecoins this cycle.
POPCAT is trading at $0.912 at the time of writing, up 1.8% over the last 24 hours. On January 5, POPCAT was valued at $0.000379, which means it has grown 23.963% since then, according to CoinGecko.
We continue with Bitcoin (BTC), Sherpa warns Investors shouldn’t get too excited about the recent rebound, as every rally the crypto king has fueled since April has seen lower highs and lower lows.
“BTC – it’s really fun to see these moves over the past week, but I think it’s also important to zoom out. Every strong rally we’ve had since April has had lower highs and lower lows. In early September we saw a potential higher low; I would like to see a $65,000 breakthrough.”
The analyst notes that Bitcoin breaking through the $65,000 price tag will push the leading crypto asset by market cap to higher highs and lower lows.
“Break $65,000 and it may be the first bullish market structure we’ve seen in months, with a higher high and a higher low. Fingers crossed that we can actually break it this time and show continued momentum.”
However, he also says that BTC’s dominance chart is rising, meaning some altcoins could do the same surpass the flagship digital asset as it stabilizes.
Bitcoin is trading at $62,187 at the time of writing, down marginally over the past 24 hours.
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Generated image: Midjourney