A prominent cryptocurrency trader has suggested that a major memecoin could soon see a significant increase in value. The trader, known as Bluntz, shared insights with over 300,000 followers on X, indicating that Dogecoin may surpass Bitcoin in performance.
What Signals a Rise for Dogecoin?
Bluntz forecasts that Dogecoin (DOGE) will enter a bullish phase following the completion of a three-week accumulation period. The anticipated upward movement hinges on the successful formation of a triangle pattern within its price trajectory.
“I’m reiterating my point; once DOGE breaks free from this accumulation, a substantial rise is on the horizon,” Bluntz stated.
In addition, Bluntz believes Bitcoin may also rebound after finishing an ABC correction, with its current price around $99,284. He expressed confidence that Bitcoin could ultimately exceed $112,000.
“The conditions are right for Bitcoin; I suspect we’ve completed a running ABC pattern,” he noted.
How Do Traders Analyze the Market?
Using Elliott Wave theory, Bluntz emphasizes that the market may see further rallies following the current oscillation. Traders are urged to rely on technical analysis while conducting their independent evaluations, as the cryptocurrency market’s volatility poses both risks and rewards.
- Bluntz anticipates DOGE will break out of its current pattern.
- He predicts Bitcoin’s price could rise significantly soon.
- Market analysis remains crucial for navigating potential trades.
With the potential for upward movements in both Dogecoin and Bitcoin, keeping a close eye on market trends is essential for participants navigating this dynamic landscape of cryptocurrencies.