Crypto Expert Predicts Big Rally for Bitcoin, Solana Memecoins Shine

Crypto analyst Bluntz is bullish on Bitcoin (BTC) and predicts a breakout based on a symmetrical triangle pattern on the two-hour chart. The pseudonymous analyst believes that once BTC overcomes the $67,000 resistance, the entire market will surge. Bluntz also analyzes the memecoins WIF and PEPE, both of which are showing signs of potential breakouts.

Crypto Analyst Bluntz Predicts Bullish Surge for Bitcoin, Solana-Based Memecoins WIF and PEPE

Renowned crypto analyst Bluntz, boasting a substantial following of 257,100 on the social media platform X, has expressed optimistic sentiments regarding the future performance of Bitcoin (BTC) in the wake of its recent halving event.

Bluntz's analysis focuses on the price action of Bitcoin on the two-hour chart, where he discerns the formation of a symmetrical triangle pattern. This pattern is characterized by converging upper and lower trend lines, indicating a period of consolidation.

Historically, symmetrical triangle patterns can resolve either bullishly or bearishly. A breakout above the upper trend line typically signals a bullish trend, while a breakdown below the lower trend line suggests a bearish reversal.

Bluntz's technical analysis suggests that Bitcoin is poised for a breakout above the $67,000 resistance level, which he believes will trigger a significant upward surge in price. "I think the whole market flies" once Bitcoin overcomes this pivotal level, he asserted.

At the time of writing, Bitcoin is trading at $66,455, hovering just below the aforementioned resistance level.

Bluntz also turned his attention to dogwifhat (WIF), a Solana-based memecoin that has been exhibiting promising signs. He observed the formation of an ascending triangle pattern on the four-hour chart over a two-week period.

According to the Elliott Wave theory, which posits that price movements follow predictable patterns, the formation of a three-wave pattern to the downside within the ascending triangle is indicative of a potential breakout and reversal.

Bluntz's analysis suggests that WIF could be nearing a significant breakout, with the potential for substantial upside.

In addition to WIF, Bluntz examined the price action of Pepe (PEPE), another memecoin. He noted the completion of a three-wave downward pattern, which culminated at the 0.618 Fibonacci retracement level.

Fibonacci retracement levels are widely used in technical analysis to identify potential support and resistance levels. By combining this observation with the bullish sentiment he detected, Bluntz has set an upside target of $0.000013 for PEPE, implying a potential 66% appreciation from its current price.

At the time of writing, PEPE is trading at $0.00000784.

Bluntz's analysis provides valuable insights into the potential price trajectory of Bitcoin and selected memecoins. While his predictions are based on technical analysis, it is important to note that the cryptocurrency market remains highly volatile and unpredictable. Investors should always conduct their own due diligence before making any investment decisions.