A widely followed analyst and trader shares his outlook for Bitcoin (BTC) and two meme coins as crypto prices soar.
An analyst known by the pseudonym Brandts told his 284,000 followers on social media platform X that Bitcoin could see a correction before trending higher.
According to the pseudonymous analyst, who regularly applies Elliott Wave Theory in his technical analysis, Bitcoin has risen more than 15% since October lows below $59,000, occurring in five wave patterns. It is said that there is.
Based on the pseudonymous analyst’s chart, Brandts seems to be suggesting that Bitcoin could reach around $62,000 and that a correction could occur in a three-wave pattern. According to Elliott Wave Theory, major trends in asset prices occur in a five-wave pattern, and corrections occur in a three-wave pattern.
“…I wouldn’t be surprised to see further pullbacks here throughout the week ahead of a serious breakout attempt next week.”
At the time of writing, Bitcoin is trading at $67,710.
Turning to Dogwifhat (WIF) and Popcat (POPCAT), Bruntz notes that the two meme coins within the Solana (SOL) ecosystem are experiencing a bearish divergence in the daily time frame. A bearish divergence is when an asset price is at a lower high while a technical indicator such as the Relative Strength Index (RSI), an oscillator used to identify oversold or overbought conditions, is at a lower high. Occurs when a high high is reached.
“Sigh, these bearish divergences are not ideal for WIF and POPCAT. They are both on my list to bid at the right time, but I think they will need some time to play out. I think so.”
WIF is trading at $2.63 at the time of writing, an increase of approximately 75% over the past 30 days. POPCAT is trading at $1.25 at the time of writing, up more than 80% in the same period.
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Disclaimer: The opinions expressed on The Daily Hodl do not constitute investment advice. Investors should perform due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that transfers and transactions are made at your own risk and you are responsible for any losses you may incur. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. The Daily Hodl is also not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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