Top Trader Says Large-Cap Altcoin on Cusp of a Violent Upside Move, Updates Outlook on Bitcoin and dogwifhat

A widely followed cryptocurrency trader thinks that one large-cap memecoin is gearing up for another round of upside bursts.

Pseudonymous analyst Bluntz tells his 303,200 followers on the social media platform X that he sees Dogecoin ( DOGE ) outperforming Bitcoin (DOGE/ BTC ) as the pair approaches the resolution of a triangle pattern.

A triangle structure is typically viewed as bullish if spotted while an asset is in an uptrend.

Says Bluntz,

“Sounding like a broken record at this point but I’m gonna say it again anyway, when DOGE breaks this three-week accumulation, it’s going to be a violent upside move.”

At time of writing, DOGE/BTC is trading for 0.00000437 BTC worth $0.44.

Looking at Bitcoin itself, Bluntz believes that BTC is ready to resume its rallies after completing an ABC correction on the four-hour chart.

“Perfect liquidation candle on BTC, looks like a running flat ABC done, in my opinion.

Leverage successfully wiped.”

Bluntz practices the Elliott Wave theory, which states that a bullish asset tends to see more rallies after concluding an ABC wave pullback. Based on the trader’s chart, he seems to predict that BTC will soar above $112,000.

Bitcoin is trading at $99,284 at time of writing.

Next up is the memecoin dogwifhat ( WIF ). According to the trader, WIF is raring to break out from a re-accumulation pattern as the coin prints bullish higher low setups.

“This WIF accumulation is gagging for a bust-up.”

Looking at the trader’s chart, he seems to suggest that a breakout will happen once WIF clears $3.50.

WIF is trading at $3.44 at time of writing.

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Generated Image: Midjourney