A prominent crypto analyst has updated his outlook on the meme asset that has seen massive gains over the past year.
Cryptocurrency trader Altcoin Sherpa told his 222,900 followers on social media platform X in a new strategy session that meme coin Popcat (POPCAT), which has surged 23,000% so far this year, and other altcoins are seeing their first bullish showings in months.
“We still see this market structure shift in coins like POPCAT and many other shitcoins. This is the first bullish trend in months, and you should consider buying when there is a pullback in some of these.”
According to Sherpa, cat-themed memecoins are likely to catch up with dog-themed memecoins in this cycle.
POPCAT is trading at $0.912 at the time of writing, up 1.8% in the last 24 hours. On January 5, POPCAT was valued at $0.000379, and according to CoinGecko, it has gained 23,963% since then.
As for Bitcoin (BTC), Sherpa warned investors not to get too excited about the recent bull run, as every rally the cryptocurrency giant has seen since April has ended with lower highs and lower lows.
“BTC – It’s been really nice to see this move over the last week or so, but I think it’s important to zoom out. Every strong rally we’ve had since April has had lower highs and lower lows. We saw a potential higher low in early September. I’d like to see a break of $65,000.”
The analyst notes that the top cryptocurrency by market cap will surge to higher highs and lower lows as Bitcoin breaks the $65,000 price mark.
“If we break $65,000, we’ll see the first bullish structure in months. There will be higher highs and lower lows. Hopefully this time we can actually break through and see sustained momentum.”
However, he said that as BTC’s dominance chart rises, some altcoins could outperform the leading digital asset once it stabilizes.
At the time of writing, Bitcoin is trading at $62,187, down slightly over the past 24 hours.
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